The Dogwifhat token has climbed to the third position in market capitalization among all meme coins, surpassing Pepe. According to CoinGecko, Dogwifhat (WIF) currently holds a market cap of $3.6 billion, trailing behind meme giants Dogecoin (DOGE) and Shiba Inu (SHIB) with market caps of $31.1 billion and $18 billion, respectively. This surge in WIF’s market cap has also made it one of the top performers in the past 24 hours, with a price increase of over 16% and reaching an all-time high (ATH) of $4.01 on March 29.

CoinGecko’s data reveals that the meme coin category has experienced an average growth of 8%, outpacing larger sectors like decentralized finance, yield farms, and exchange tokens. The rise of meme tokens began on March 28 amidst speculations that DOGE would be integrated into social app X’s upcoming payment service, although no official confirmation has been provided by the company.

Vitalik Buterin, Co-Founder of Ethereum, has also taken notice of the meme coin market, exploring potential use cases for this asset class, including funding public projects and charity initiatives. Buterin has suggested expanding the utility of meme coins by introducing them into the gaming industry as well.

In a recent statement, Buterin highlighted the growing popularity of meme coins in 2024, drawing parallels to the 2021 bull market when Dogecoin and Shiba Inu coins reached their peak in terms of popularity. This shift in focus towards meme coins indicates a changing landscape in the cryptocurrency market, driven by the increasing interest and adoption of these unique digital assets.

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