Dogwifhat Becomes Third Biggest Meme Coin as Bitcoin Clings to $70K

Led by Solan-based Dogwifhat, meme coins have surged, outpacing other niches such as DeFi and exchange tokens.

Bets on futures tracked by DOGE jumped to a record $2 billion, with some trading firms warning of a pullback to recent gains as the price action of bitcoin and ether showed signs of exhaustion.

Meme coins, led by Solan-based Dogwifhat (WIF), rose for the second day in a row to lead the category as the broader market remained little changed ahead of the long weekend in the US, Europe and parts of Asia.

Bitcoin {{BTC}} was trading at around $70,000 million during the morning hours in Asia on Friday, showing little change over the past 24 hours. Ethereum {{ETH}}, SOL Solana and ADA Cardano fell 1%, while Bitcoin Cash (BCH) added 4%, extending Thursday's rally.

The broad CoinDesk 20 Index, an index of the largest tokens excluding stablecoins, fell 0.56%.

Data from CoinGecko shows that the meme coin category has grown by an average of 8%, outperforming larger niches such as decentralized finance, yield farms, and exchange tokens.

Meme tokens went live early Thursday amid rumors that DOGE will be used in social app X's upcoming payment service, although there has been no official word from the company.

Bets on futures tracked by DOGE jumped to a record $2 billion, indicating expectations for future price volatility with a long-biased bias.

Dog-themed tokens such as floki (FLOKI) and WIF became the beta version of dogecoin. WIF overturned pepecoin (PEPE) to become the third-largest meme token by market cap, breaking the $4 mark on Thursday.

Meanwhile, some trading firms warned of a pullback to recent gains as the price action of Bitcoin and Ethereum showed signs of exhaustion.

“Price growth in the first quarter was exponential and there are signs of exhaustion,” Singapore-based QCP Capital said on Telegram on Friday. “ETH's risk reversal is skewed to the downside by -8%, indicating some fear. Funding and forwards remain very high, meaning speculators are still paying #cryptoantoha666