Summary
TLDR: Dogwifhat (WIF) meme coin surges over 100% in 12 hours to over $2, exceeding $2 billion market cap. Crypto whales buy the dip, accumulating WIF at low prices. WIF draws value from meme culture and becomes the first major meme token to cross $1 mark. Despite market crash, WIF recovers and outperforms peers. Critics question utility and volatility of meme coins, but supporters believe in their unique value proposition.
Key Points
1. Dogwifhat (WIF) has surged over 100% in just 12 hours, reaching all-time highs and exceeding a market capitalization of $2 billion.
2. Crypto whales took advantage of a price dip to accumulate WIF at low prices, with significant purchases highlighted by on-chain analytics platforms.
3. Despite criticisms of meme coins for their volatility and lack of utility, supporters argue that meme coins like WIF offer a unique value proposition based on meme power and community engagement.