DogWifHat, the popular Solana meme coin, has experienced a significant price jump of 18% this week, signaling the potential for new heights in the near future. Among the five big doge-themed meme coins, DogWifHat has emerged as the top performer.
With a current market cap of $1.8 billion, DogWifHat has solidified its position as the fourth largest meme coin globally. In the past 24 hours alone, the token has seen a 3.4% increase in value, reaching around $1.80.
In contrast, Dogecoin, the original meme coin and sector leader, has only seen a meager 0.3% increase in price over the past 24 hours and several days.
The recent rally in the crypto market can be attributed to the Federal Reserve’s decision to cut interest rates by 50 basis points (0.5%). This move has led to a decrease in borrowing costs, prompting investors to shift towards riskier assets like cryptocurrencies.
As a result, Bitcoin, the market leader, has experienced a 9.3% increase in price over the past seven days, reaching $63,420.
DogWifHat’s home chain, Solana, represented by the $SOL token, has also seen a significant growth of 13% over the week, trading at $149.
Looking at DogWifHat’s price chart, it is evident that the token has been trading cautiously since the crypto and stocks crash on August 5th. Since then, the token has remained within a narrow range of $1.40 to $1.95, with a falling relative strength index (RSI) of 50 indicating steady selling momentum.
As we head into the weekend, it is likely that DogWifHat’s rally will cool off and stabilize until Monday.
The recent rate cut by the Federal Reserve has sparked speculation that the return of alt-season is imminent. Investors are expected to shift towards riskier positions in search of higher rewards.
For those looking for potentially more profitable opportunities than DogWifHat or Dogecoin, presales offer the chance to invest in crypto projects at their early stages. This presents an opportunity for greater returns.
The meme coin sector, valued at $45.7 billion, has grown by 4.6% in the past 24 hours, indicating great potential. While meme coins initially started as a parody, they have evolved to offer new value and utility to holders.
One such project, Memebet, has launched the first online casino where players can use meme coins. The project’s presale has garnered over $200,000 in investments within just two days.
With the online gambling industry projected to grow from $100 billion to $130 billion in the next five years, platforms like Memebet are poised for success. The Federal Reserve’s policies are unlikely to impede the growth of such platforms.
Investing in Memebet offers players a range of benefits, including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, which offer real-world prizes and casino bonuses. The project has recently launched a 400 million $MEMEBET airdrop.
To participate, simply purchase some tokens, wait for the casino to launch before the end of the presale, and start gaming and betting to earn rewards.
For the latest news and developments on Memebet, stay updated on X and Telegram.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.