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What is the Real Reason for the Rally in Dogwifhat (WIF) and Other Mem Tokens? Santiment Explained!

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What is the Real Reason for the Rally in Dogwifhat (WIF) and Other Mem Tokens? Santiment Explained!

While the leading cryptocurrency Bitcoin reached a new ATH yesterday and shot up to $73,800, it fell to $72,000 after the US PPI data announced today.

While BTC continued its strong rise, mem tokens other than BTC also managed to attract the attention of investors.

At this point, while relatively low-value mem tokens have been talked about more lately, small-cap mem tokens such as PEPE Coin (PEPE), Solana-based Dogwifhat (WIF) and BONK, which overshadow larger mem tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB), are new. rose to high levels.

Bullish expectations are also increasing for WIF, which has increased by over 40% in the last 24 hours and reached over $3.

Evaluating the rally of relatively lower value mem tokens such as WIF, Santiment said that investors are looking for alternative assets with exponential growth potential and turning to mem tokens, as a result of which there are significant increases in mem token prices.

Stating that at this point, investors switched to mem tokens with their BTC profits, Santiment stated that they invested the profits they made into mem tokens.

Santiment stated that these meme tokens include MONG, BAD, LADYS, WEN and WIF.

“Mem tokens had another big winning day as Bitcoin broke above $73,600 with a new ATH.

“With each BTC increase in March, profits appear to have been rapidly redistributed into speculative assets with low liquidity.”

It was stated that with every increase in the price of Bitcoin, investors quickly transferred their profits to mem tokens, which they saw as alternative assets, reflecting the increasing appetite for high-risk investments in the cryptocurrency market.

🤣 #Memecoins had another big day as #Bitcoin’s #AllTimeHigh notched above $73.6K. With each $BTC rise in March, it appears profits are quickly being redistributed to speculative assets with low liquidity. Track #memecoin metrics on this useful watchlist:

— Santiment (@santimentfeed) March 13, 2024

*This is not investment advice.