First meme coin worth more than $1

Recently, the cryptocurrency market has witnessed an impressive event: Solana-based meme coin Dogecoin (WIF) has seen a remarkable 48% increase in value in just 24 hours. The stunning surge caused Dogecoin’s trading value to exceed $2.11 early on Wednesday, taking its market capitalization to more than $2 billion just three months after its launch.

Rapid rise in the world of meme coins

This peak in value is the highest among meme coins with a capitalization of more than $1 billion, according to CoinGecko data. While the average increase in the meme coin category was 2.8%, smaller capitalization tokens like MYRO (MYRO) and Mog Coin (MOG) saw even more notable growth, reaching 80%.

Launched in November 2023, Dogecoin immediately caught the attention of the crypto community due to its memorabilia value associated with the viral image of a dog in a hat. In the last 24 hours, the coin has recorded a trading volume of close to 1 billion, highlighting its growing popularity.

Dogwift: Breaking Barriers in the Market

Notably, Dogecoin has become the first major meme coin to cross the 1 threshold, an unprecedented feat as most meme tokens are characterized by high circulating supply. This feat is especially notable as established tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have failed to break the 1 mark.

The recent rise in Dogecoin price is mainly due to its listing on Binance, one of the most prominent exchanges in the market. On its first day on the platform, Binance saw $219 million worth of Dogecoin trades. Anticipation of a future listing and its popularity among retail investors have significantly contributed to its recent gains.

The Rebirth of Meme Coins and Its Impact on the Market

The revival of interest in meme coins coincides with a general rally led by Bitcoin since late February, highlighting the role of these tokens as speculative bets on the potential growth of their underlying network. The rise of Dogecoin emphasizes the emerging role of meme coins in the crypto ecosystem, especially during Bitcoin’s recent bull run.

With its unique valuation and recent listing on Binance, Dogecoin is attracting the interest of investors looking to explore the dynamic opportunities of the crypto world. As the market evolves, meme coins like Dogecoin may play an increasingly relevant role in shaping the future of digital assets, providing unique opportunities for growth and speculation.