DogWifHat is the best performing of the five big doge coins this week.
With a stunning 18% increase in value since last Friday, the well-known Solana meme coin DogWifHat ($WIF) is the best-performing of the top five doge-themed meme coins this week.
The fourth-largest meme coin in the world, with a market capitalization of $1.8 billion, gained 3.4% in the past day and is currently trading at about $1.80.
In contrast, the largest meme coin, Dogecoin ($DOGE), with a market capitalization of $15.4 billion, and the leader in the sector, saw only a 0.3% increase in price in the last day or two.
DogWifHat ($WIF) Price Analysis
Since the Federal Reserve reduced interest rates by 50 basis points (0.5%) on Tuesday, following two years of eleven straight hikes that brought US interest rates to their highest point in 20 years, the cryptocurrency market has generally been rising.
This indicates that borrowing costs are declining, which will cause investors to move into riskier assets like cryptocurrencies.
The leading cryptocurrency in the market, Bitcoin ($BTC), is now trading at $63,420, up 9.3% from seven days ago as a result of the news.
The $SOL token, which represents DogWifHat’s home chain Solana, increased 13% this week and is currently trading at $149.
On DogWifHat’s price chart, we can observe that $WIF was trading rather cautiously in the wake of the August 5th cryptocurrency and stock market crash, as scared investors sold off their riskier holdings.
The token has since fluctuated between $1.40 and $1.95, but only by a small amount. With a declining relative strength index (RSI) of 50, which indicates consistent selling momentum, it appears that this trend will continue.
This indicates that DogWifHat’s rally is probably going to cool off and remain stable through Monday.
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Investors will probably move into more risk-taking positions in search of higher returns now that the Federal Reserve is lowering interest rates.
Presales give people the chance to invest in cryptocurrency projects right at the beginning, even if they are not interested in meme coins due to the possibility of explosive returns. They could therefore be more profitable than Dogecoin or DogWifHat.
The $45.7 billion meme coin market in cryptocurrency is one area full of potential; it increased 4.6% in the previous day.
Although meme coins were initially created as parodies, they are quickly becoming more and more valuable to their owners.
The first online casino where users can use meme coins was launched by a recent project named Memebet.
This week saw the start of the presale, and in just two days, over $200,000 was invested in the project’s native $MEMEBET token.
The internet gambling market is expected to grow from $100 billion in 2024 to $130 billion in the next five years, so the policies of the Federal Reserve are unlikely to impede the development of Memebet-like platforms.
Players can gain access to exclusive VIP degen bonuses, airdrop rewards, and the soon-to-be Memebet Casino Lootboxes, which will include real-world prizes and casino bonuses, by using their $MEMEBET tokens.
Recently, the project started an airdrop of 400 million $MEMEBET.
To participate, just purchase some tokens, hold off until the casino launches (ideally before the end of the presale), and start wagering and gaming to earn rewards.
Stay updated on the latest Memebet news and developments on X and Telegram.