As the Shiba Inu price consolidates near $0.26, not too far below the recent multi-year highs it hit earlier this month, Shiba Inu (SHIB) investors are pivoting to the latest ICO called Dogwifcat ($DWIFC) in search of 1000x returns.
Shiba Inu’s market cap is $15.59 billion, making it a strong contender for king of meme coins.
However, its high market cap raises some concerns that the room for further upside is limited.
No matter the Shiba Inu community’s efforts to build out the token’s utility, can a meme coin command a market cap of more than $50 billion?
Some fear that Shiba Inu’s upside prospects may be limited to a maximum of 5x or less.
And in the meme coin sector, traders tend to look down their noses at the prospect of 5x gains.
Meme coin traders often prefer targeting coins that offer potential gains in the region of 100x or more.
One such coin they are likely taking a look is the latest ICO called Dogwifcat ($DWIFC).
Latest ICO Dogwifcat ($DWIFC) Starts Life With a Bang
The newest Solana meme coin DogWifCat ($DWIFC) launched earlier this week and has already soared 4,268% to $0.017 as frenzied buying accelerates.
Source: DEXTools
Aside from bitcoin chalking up new all-time highs, the biggest story in crypto is the Solana juggernaut.
First, there was BONK and then Dogwifhat, and more recently $SMOG, $BOME and $SLERF.
Taken together meme coins are collectively demonstrating both the robustness and the value of the Solana blockchain. Now enter DogWifCat, which is already going parabolic less than 24 hours after launching.
Everyone in crypto now surely knows of the Wif-hat riff and its multiplying variants.
Well, DogWifCat is doing things a little differently from the rest of the pack by dispensing with the hat and going for a rhyming cat instead.
It has a definite ring to it, which counts for a lot in the meme coin world that is all about virality.
From nowhere, $DWIFC has raced to a market capitalization of $17.1 million. 24-hour trading volumes currently sit at $5.44 million.
DogWifCat has a total token supply of 1 billion – the $DWIFC token address is wifhHP4nsNmhXJx9Rrq9NFiYShUTFAreM5LKHso5qXK.
$DWIFC can be bought on Jupiter or Raydium decentralized exchanges by swapping SOLusing Solana or a Solana-based token.
The present juncture in the market could be a good time to take profits on some of the other Solana token high-fliers such as $BONK, $MYRO, $BOME and $SLERF, and rotate some of those mega-profits into $DWIFC.
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