In a surprising twist in the cryptocurrency market, the meme-themed digital currencies, PEPE and Dogwihat (WIF), have recorded significant price surges over the past week. PEPE has seen an increase of 28%, while WIF has notched a 20% gain.
Dogwihat (WIF): A Closer Look at the Numbers
As of the latest data from CoinMarketCap, WIF stands at an impressive $3.40, marking a significant climb from $2.60 just a week prior. This rise is part of a broader trend that has seen the cryptocurrency’s market capitalization swell to $3,392 million. Furthermore, WIF’s daily trading volume has skyrocketed by 50%, reaching a robust $600 million.
PEPE: The Dark Horse of Crypto
PEPE, another memecoin making headlines, has jumped from $0.0000070 to $0.0000085 in the same period, as reported by CoinMarketCap. This increase is not just in price but also in market significance, with PEPE’s market cap reaching an impressive $3,576 million. Additionally, the coin’s daily trading volume has surged by 28%, totaling $981 million.
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Catalysts for Growth: Leveraged Trading and Institutional Interest
A significant boost to both WIF and PEPE prices came from the recent announcement by the renowned Bitcoin and cryptocurrency exchange, Kraken. The platform has introduced leveraged trading for these assets, allowing users to trade with up to 3x leverage. Leveraged or margin trading is a strategy that enables traders to operate with more capital than they have in hand, using funds borrowed from the broker or trading platform.
The interest in WIF by institutional investors further illuminates its potential. Notably, the cryptocurrency hedge fund Stratos made a substantial investment in WIF late last year when its price was a mere $0.01. Stratos, known for its investments in other memecoins like Dogecoin, PepeCoin, and Shiba Inu, remains invested in WIF, underscoring its belief in WIF’s potential to rise to the top of the memecoin market.
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The Bitcoin Effect
Additionally, the general uplift in the cryptocurrency market, often led by Bitcoin’s performance, continues to positively influence the value of lesser-known coins like WIF and PEPE, setting the stage for potentially more gains in the unpredictable world of digital currencies.
This week’s developments point to a growing interest and optimism in meme cryptocurrencies, suggesting that they might be more than just internet jokes. As the market dynamics evolve, PEPE and WIF are definitely cryptos to watch.
