Dogwifhat price headed to $10? Arthur Hayes thinks so

Hayes’ prediction came the same day WIF hit a new all-time high above the $3 mark.

Dogwifhat (WIF), a viral Solana-based memecoin, could potentially surge to the $10 mark, according to predictions from Arthur Hayes, former CEO of BitMEX CEO and current chief investment officer at Maelstrom.

WIF price to $10?

The price of Dogwifhat surged to an all-time high of $3 on March 14. Yet, Hayes expects that it will have no problem tripling in value, according to a March 14 X post:

“The hat stays on while I count to $10.”

The memecoin reached a new all-time high after its fans raised over $700,000 to advertise the token’s logo on the Las Vegas sphere. WIF’s price rose 25% immediately after the crowdfunding effort was announced.

Related: BONK, PEPE and SHIB are a menace to crypto

Dogwifhat rose over 39% in the 24 hours leading up to 1:52 pm UTC to trade at $3.13 as the 45th largest token by market capitalization, according to CoinMarketCap data. The memecoin was up 79% on the weekly chart.

Top memecoins rally

The total market capitalization of memecoins rose over 7% in the past 24 hours to $63.2 billion, while trading volume rose 69.3% to $15.3 billion, according to CoinMarketCap data.

Other popular memecoins also witnessed double-digit weekly gains. Floki rallied over 111% during the past week, Pepe (PEPE) rose 46%, and Dogecoin (DOGE) gained over 17% as the largest memecoin by market capitalization.

Bolstering investor appetite for memecoins, American multinational investment firm Franklin Templeton published an investor note on memecoins on March 14, noting that while memecoins “have no inherent value or utility,” they could potentially make for fast gains.

The firm noted that memecoins have lower fees compared wit bigger cryptocurrencies and bring the potential for quick profits but come with high price volatility.

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