By NewsBlogger The article discusses the recent surge in meme coins like WIF and Dogecoin, highlighting significant price increases and market activity, as well as the influx of funds into Bitcoin ETFs and optimistic projections for the future.
At a glance
- Solana-based meme coin, dogwifhat (WIF), surged 700% to $3.25
- WIF’s market cap exceeds $3 billion, making it the third-largest meme coin
- Fans raised over $700,000 to display WIF’s logo in Las Vegas
- BlackRock’s IBIT saw inflows surpassing Grayscale’s GBTC for the first time
- Optimism surrounds meme coins like WIF and Dogecoin for potential significant rallies
The details
The cryptocurrency market has been buzzing with activity recently, with various meme coins grabbing headlines for their significant price increases.
One such coin is the Solana-based meme coin, dogwifhat (WIF), which has witnessed a staggering 700% price surge on a monthly scale.
This surge propelled WIF’s valuation to an all-time high of $3.25 before slightly retracing to around $3.17. With a market capitalization exceeding $3 billion, WIF has now become the third-biggest meme coin in the market.
The enthusiasm around WIF
was further highlighted by fans of the token, who raised over $700,000 to display WIF’s logo on the Sphere in Las Vegas.
Additionally, a large investor splurged nearly $1.3 million to acquire over 540,000 WIF tokens.
This remarkable growth is a far cry from WIF’s humble trading price of less than $0.10 at the end of last year.
Notable exchanges
such as Binance, Kraken, and Robinhood have thrown their support behind WIF, further solidifying its position in the market.
The bullish sentiment towards WIF was echoed by BitMEX’s co-founder, Arthur Hayes, who publicly endorsed the coin and predicted a price surge towards $2, envisioning a valuation of $10. The success stories of early investors further underscored the potential of WIF, with one individual sitting on a paper profit of over $8.1 million after purchasing 2.5 million WIF tokens for $310 at the end of last year.
However, it is essential to note that dealing with meme coins like WIF can also lead to significant losses due to their inherent volatility.
In a separate development
, BlackRock’s IBIT witnessed inflows surpassing the total outflows of Grayscale’s GBTC for the first time.
IBIT recorded cumulative inflows amounting to $12.03 billion, while GBTC saw cumulative outflows of $11.4 billion.
On March 13th, IBIT observed net inflows of $586 million or 8,017 BTC, with a collective net influx of $683 million into spot Bitcoin ETFs.
Conversely, Grayscale’s GBTC experienced a net outflow of $276 million or 3,779.9 BTC on the same day.
The influx of funds into various Bitcoin ETFs has been substantial, with Fidelity’s FBTC attracting $281.5 million, ARK 21Shares’s ARKB receiving 44.6 million in inflows, and Franklin Templeton’s EZBC recording $19.1 million in inflows.
Furthermore, Bitwise’s BITB, Valkyrie’s BRRR, and WisdomTree’s BTCW garnered $5.6 million, $4.1 million, and $2.3 million in inflows, respectively.
Since the US Securities and Exchange Commission greenlighted the ETFs on January 11th, 2024, there has been a total inflow of $11.8 billion, with Bitcoin ETFs reaching a record-breaking net inflow of $1.05 billion.
The surge in Bitcoin’s price to a new all-time high above $73,000 has further fueled optimism among financial advisors, with projections suggesting potential inflows of over $220 billion into these funds by 2027. Bitwise CIO Matt Hougan emphasized the widespread and strong demand for spot Bitcoin ETFs. At the same time, JMP Securities predicted a fourfold increase in Bitcoin’s price to $288,000 as a result of these inflows.
On a different note, Dogecoin experienced a 14% price spike on March 14, nearing the $0.20 mark.
Elon Musk’s endorsement of Dogecoin and hints that Tesla might accept DOGE payments in the future contributed to the surge.
Analysts believe this uptrend could mark the beginning of a significant bull run for Dogecoin.
Rekt Capital noted that DOGE has retested the Macro Downtrend as new support and could witness further increases if it breaches the $0.20 resistance level.
Analysts and enthusiasts have echoed the overall positive sentiment towards meme coins like DOGE and WIF, with predictions of significant rallies in the future.
Crypto enthusiasts and market observers are optimistic about the potential for meme coins to experience further growth, following the recent surge in prices witnessed across various meme coins such as Shiba Inu, Pepe Coin, Bonk Inu, and Floki Inu, which have seen triple-digit price increases in recent weeks.
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| cryptopotato.com |
|---|
| – Solana-based meme coin dogwifhat (WIF) has seen its price increase by over 700% on a monthly scale – The valuation reached an all-time high of $3.25 before slightly retracing to around $3.17 – Market capitalization surpassed $3 billion, making WIF the third-biggest meme coin – Fans of the token raised over $700,000 to put WIF’s logo on the Sphere in Las Vegas – One large investor spent nearly $1.3 million to buy over 540,000 WIF tokens – WIF was trading at less than $0.10 at the end of last year – Leading exchanges such as Binance, Kraken, and Robinhood have supported WIF – BitMEX’s co-founder Arthur Hayes publicly backed WIF, predicting a price jump toward $2 and envisioning a valuation of $10 – An individual who bought 2.5 million WIF tokens at the end of last year for $310 now sits on a paper profit of over $8.1 million – Dealing with meme coins like WIF can result in significant losses due to volatility |
| cryptopotato.com |
|---|
| – BlackRock’s IBIT saw inflows exceeding the total outflows of Grayscale’s GBTC for the first time – IBIT’s cumulative inflow amounted to $12.03 billion, whereas GBTC’s cumulative outflows stood at $11.4 billion – IBIT recorded net inflows of $586 million or 8,017 BTC on March 13th – The collective net influx into spot Bitcoin ETFs amounted to $683 million – Grayscale’s GBTC observed a net outflow of $276 million or 3,779.9 BTC in a single day |
| – Fidelity’s FBTC attracted $281.5 million in inflows – ARK 21Shares’s ARKB had 44.6 million inflows – Franklin Templeton’s EZBC had $19.1 million in inflows – VanEck’s HODL raked in $16.5 million in inflows – Bitwise’s BITB, Valkyrie’s BRRR, and WisdomTree’s BTCW settled for $5.6 million, $4.1 million, and $2.3 million, respectively – Total inflow of $11.8 billion since the US Securities and Exchange Commission first greenlighted the ETFs on January 11th, 2024 – Bitcoin ETFs reached a record-breaking net inflow of $1.05 billion – Bitcoin surged to a new all-time high above $73,000 – Financial advisors are bullish on the size of inflows of these funds – Bitwise CIO Matt Hougan believes the demand for spot Bitcoin ETFs is widespread and strong – JMP Securities predicts these funds might experience inflows of over $220 billion by 2027, potentially resulting in a fourfold increase in Bitcoin’s price to $288,000 |
| cryptopotato.com |
|---|
| – Dogecoin’s price spiked over 14% on March 14, reaching almost $0.20 – Elon Musk’s endorsement of Dogecoin may have contributed to the surge, with him suggesting Tesla might enable DOGE payments in the future – Analysts believe this surge could be the start of a major bull run for Dogecoin – Rekt Capital suggested that DOGE has retested the Macro Downtrend as new support and could see further increases if it crosses the $0.20 resistance level – Crypto enthusiast Ansem asked followers if DOGE could reach a new all-time high of $1 and WIF to $100, with many predicting such a rally is possible – Other meme coins like Solana-based WIF have also seen significant increases recently – Meme coins like Shiba Inu, Pepe Coin, Bonk Inu, and Floki Inu have experienced triple-digit price increases in recent weeks – Analysts and enthusiasts are optimistic about the future of DOGE and other meme coins, predicting significant rallies |
