TL;DR
- Dogwifhat (WIF), a Solana-based meme coin, saw a substantial price increase recently.
- A potential surpassing of Shiba Inu’s market cap hinges on factors like community support, use cases, market trends, and more.
What are the Chances?
The Solana-based meme coin – dogwifhat (WIF) – has been among the best-performing cryptocurrencies in the past two weeks, with its price exploding by triple digits (per Coingecko’s data) and market cap briefly exceeding $450 million.
We decided to ask ChatGPT whether the uptrend could continue throughout 2024 and whether flippening Shiba Inu (SHIB) is possible.
The AI-powered chatbot claimed this might happen should WIF significantly strengthen the size and activity of its supporter base (including developers and investors). According to a recent analysis, Shiba Inu (SHIB) has the most devoted community in the meme coin realm, whereas Dogecoin (DOGE) is second.
Use cases and utility were also mentioned as major elements. “If dogwifhat offers more practical or innovative solutions than Shiba Inu, it could potentially gain an edge,” it estimated.
Favorable market trends, appropriate regulatory changes, and strategic partnerships could also boost the market capitalization of WIF.
Last but not least, ChatGPT touched upon investors’ behavior, suggesting that a growing buzz surrounding the Solana meme coin might trigger a substantial flow of capital into its ecosystem.
Shiba Inu’s current market cap is almost $5.5 billion, meaning WIF should rely on multiple factors for an eventual flippening.
WIF’s Recent Progress
The Solana meme coin, launched in mid-December, rallied exponentially last month, reaching $0.32 a few days before Christmas. However, its price experienced enhanced volatility shortly after, dropping below the $0.10 mark at the beginning of January.
The hype surrounding the coin returned earlier this week, with WIF’s value hitting an all-time high of over $0.45. Its peak could be attributed to major listings on leading cryptocurrency exchanges. As CryptoPotato reported, Binance and BitMEX launched WIF/USDT perpetual contracts, while Bybit and Kucoin also embraced the token.
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