Dogwhiphat going to $10? WIF is now the third largest memecoin as whales hold fast.

Dogwhiphat (YF), a Solana-based memecoin, became the third largest memetoken by market capitalization on March 29, which is the PEPE token.

WIF price is more than $4, the big whale doesn't sell.

The price of Dogwhiphat hit a new all-time high of $4.64 on March 30, before hitting the current $4.32 mark at 2:00 PM (UTC), according to CoinMarketCap data.

Following a weekly rally of more than 87%, Dogwiffhat became the third largest memecoin with a market cap of $4.3 billion, surpassing Pepe Token's $3.4 billion. This makes WIF the 31st largest coin among all cryptocurrencies.

While WIF is up more than 431 percent in the past month, the largest shareholder still isn't selling.

The wallet bought a total of $139.5 million worth of YF tokens at an average price of $0.32 apiece, with a current unrealized profit of $127.3 million, according to CoinStats.

Dogwhiphat's price has hit its previous high of $3 as supporters raised more than $700,000 to promote the token at the Las Vegas Globe. After the crowdfunding effort was announced, WIF's value increased by 25%.

Related: How High Can Bitcoin Go? New BTC price forecast sees cycle high at $180K

Can the price of WIF rise to $10?

Shortly before hitting the $3 mark for the first time, Arthur Hayes predicted that the Solana-based memecoin would rise to the $10 mark. Hayes, former CEO of BitMEX and current Chief Investment Officer of Maelstrom, wrote in a March 14 X post:

“When I count $10, the hat stays put.”

Although Dogwhiphat is based on an internet meme, it is not the first dog-themed memecoin to reach multibillion dollar valuations. Dogecoin (DOGE) reached a market capitalization of $75.2 billion in May 2021 and is currently worth $30.2 billion.

Dogwiphat's price will be $30.8 per token to match DOGE's market cap, an eight-fold increase, which is unusual in the memecoin world.

During the bull market of 2021, the price of Dogecoin increased by more than 892% during the month reaching an all-time high, from $0.07433 on April 12, 2021, to $0.7376 on May 6.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.