Despite being launched just three months ago in January, the dogwifhat (WIF) meme cryptocurrency has already amassed an impressive $4 billion market capitalization, making it the third-largest meme coin by market cap. While Shiba Inu (SHIB) still reigns supreme as the second-largest meme coin with a market cap of $18 million, a crypto analyst known as “cryptoveteran” believes WIF could soon catch up to SHIB’s dominance.
In a recent X thread, cryptoveteran, who claims to have witnessed three crypto cycles (2017, 2021, and the current one), shared his analysis on why WIF is attracting such massive liquidity. According to him, the primary contributors to WIF’s recent pump are profits from MEW and POPCAT rotating into WIF, as well as whale SHIB wallets shifting their holdings to WIF.
The latter factor is particularly exciting for cryptoveteran, as he believes SHIB whales are realizing that WIF catching up to SHIB is inevitable, prompting them to rotate their investments to WIF as soon as possible. “I have NEVER seen anything like this,” cryptoveteran exclaimed, emphasizing the unprecedented nature of this trend.
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Show more +Meme coins, satirical cryptocurrencies inspired by internet memes, have gained significant traction in recent years, with Dogecoin (DOGE) being one of the most well-known examples. Shiba Inu, often referred to as the “Dogecoin killer,” has managed to carve out a significant portion of the meme coin market share.
However, cryptoveteran speculates that once the SHIB-to-WIF rotation accelerates, a similar shift from DOGE to WIF could follow. “We really chose the best coin of this cycle, lads. We really did. The road to $100 WIF is preordained,” he confidently stated.
It remains to be seen whether WIF can indeed catch up to Shiba Inu’s dominance or even surpass it. Nonetheless, the meme coin’s rapid rise and the attention it has garnered from crypto whales and traders alike are undoubtedly noteworthy developments.
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