Solana Meme Coin Dogwifhat Reaches $2 Billion Market Cap—Could WIF Flip BONK?

Solana meme coin Dogwifhat (WIF) is still riding high after it was listed on Binance earlier this week. And that's despite the fact that broader crypto market volatility has taken the wind out of most other meme coins' sails.

Early Wednesday morning, Dogwifhat had gained as much as 38% on its price over the last 24 hours, according to CoinGecko data. But since then, it's settled to a 14.7% gain and is trading for $2.10 at the time of writing.

This is as good a time as any for a reminder that meme coin prices are highly dependent on mercurial trader sentiment. That means they're incredibly volatile and risky bets—after all, most meme coins die young.

Even more interesting about Dogwifhat's resilience is that it's getting dangerously close to flipping its fellow dog-themed Solana meme coin, BONK.

At the time of writing, Dogwifhat has a market capitalization of $2 billion. If it increases by 9%, it will have caught up to BONK's $2.2 billion market cap. BONK is currently trading for $0.00003473 after having lost 12.8% since this time yesterday. But it's still up 130% on the week, according to CoinGecko data.

Keep in mind that Dogwifhat launched just three months ago. But BONK has a slightly different origin story.

BONK was founded and launched by an anonymous team in December 2022. The meme coin began to see a lot of price action in November 2023, but then took a steep dive at the end of last year.

In the past when the BONK price has hit the skids, developers have burned portions of their supply to bump up the scarcity—and therefore the price—of the meme coin. There are even Twitter bots set up to track especially large BONK burns.

The BONK trajectory follows that of several other meme coins that were soaring, but have now settled down, like Dogecoin, Shiba Inu, and PepeCoin.