Dogwifhat Drives Meme Token Rally Amid Crypto Market Stagnation

In a surge for meme tokens, Solana-based Dogwifhat (WIF) witnessed a surge of over 20%, reaching a market cap of $3.168 billion. Another Solana token, BONK, experienced a 13% gain, while Ethereum's Pepecoin (PEPE) and Dogecoin (DOGE) also made notable increases, with DOGE benefiting from a potential integration with xAI Grok.

Dogwifhat Surges, Leading Meme Token Rally on Stagnant Crypto Market

NEW YORK—Solana-based meme token Dogwifhat (WIF) emerged as the driving force behind a notable rally among meme tokens on Tuesday, climbing over 20% while the broader cryptocurrency market remained largely subdued.

Within a matter of hours, WIF's price, the Shiba Inu-themed coin of the moment, surged as high as $3.27 early Tuesday morning before settling at $3.18 at the time of writing. The token has gained approximately 20% over the past 24 hours.

Tuesday's performance has once again propelled Dogwifhat to a market capitalization exceeding $3 billion—$3.168 billion to be precise. This marks a significant achievement for a meme coin that only launched a few months ago, with little more to offer than the image of a dog wearing a knitted beanie.

WIF was not the only Solana-based, Shiba Inu-themed token to outshine the broader cryptocurrency market on Tuesday. BONK, which exploded in popularity in December, experienced a noteworthy surge of over 13% during the day.

The token has gained 13% in the past 24 hours (to a value that still remains a fraction of a cent). That move brings BONK's market capitalization to approximately $1.734 billion.

Just weeks ago, WIF flipped BONK's market cap for the first time ever. Now, it appears that trend is solidifying.

Over on Ethereum, well-known meme tokens also enjoyed a particularly strong morning. Cult-favorite Pepecoin (PEPE) jumped over 10% on Tuesday, before settling into a 24-hour gain of 6.5% by the time of writing.

The granddaddy of all meme tokens, Dogecoin (DOGE), also put in a solid—albeit less spectacular—showing early Tuesday. The token is up 4.5% on the day, to just north of $0.18 at the time of writing. Over the past week, DOGE has witnessed a notable bump of approximately 37%.

DOGE's recent surge appears to have received a boost from the Dogefather himself. Just yesterday, an xAI Grok user posted a screenshot showing the response to their query, "Can I send or receive DOGE on X?" Grok confidently replied in the affirmative and then proceeded to walk the user through steps involving a not-yet-released "X Wallet" that would first need to have DOGE in it.