WIF breaks historical highs, is the "MEME season" returning again?

Written by: Luccy

Source: BlockBeats

On March 29, WIF broke through $3.98 this morning, reaching a new all-time high. The current price is $3.8817, with a 24-hour increase of 24.16%. Even though the market has seen surges in areas like AI, blockchain gaming, cross-chain, and RWA, its momentum is still not as strong as MEME, which remains the focus of this bull market.

WIF Hits New High Again

WIF can be considered the "new wave" of MEME. As a project without a community or narrative, it achieved a tenfold increase in less than four months, becoming the first dogecoin to break the $1 mark. Following WIF's listing on Binance, the price was pushed to a high point by market sentiment before experiencing a slight pullback.

In the process of WIF achieving a tenfold increase, it has garnered support from KOLs like BitMEX co-founder Arthur Hayes, as well as many believers. According to on-chain analyst Yu Jin, since December 13, 2023, the address wifto100billy.sol has been purchasing WIF, accumulating a total expenditure of $9.33 million to buy 37.62 million WIF (3.76% of the total WIF supply), making it the largest individual/institutional holding address for WIF.

The average purchase price for wifto100billy.sol is $0.248, and it has transferred all acquired WIF to the wifto100billy.sol address for storage, with no sales for profit-taking yet. According to birdeye data, after WIF's price consolidated around $2 for several days, it surged to break $3.98 today, setting a new all-time high. The largest holder of WIF is currently up 1440%, with an unrealized profit of $134 million.

WIF's new high once again draws market attention back to MEME. Solana remains the main battleground for MEME speculation, with the "divine disk" BOME having sparked a wave of MEME presales. Although the price fell after its listing on Binance, it still shows several times of increase from the bottom, and in the new round of MEME hype, the price continues to trend upward. As of the time of writing, BOME is priced at $0.0135, with a 24-hour increase of 11.55%.

In addition to Solana MEME, other ecosystems' MEME are also starting to gain momentum. Among them, according to Bitget data, Dogecoin (DOGE) has a 24-hour increase of 9.8%, ranking in the top three for trading volume; PEPE has a 24-hour increase of 3.8%; and Base ecosystem MEME coin DEGEN has a 24-hour increase of 74.2%, also ranking in the top three for real-time increases.

DEGEN is a truly community-driven MEME project that emerged from the Farcaster community, and its rise has increased the exposure of the Base ecosystem, which has seen its TVL surpass $2.5 billion, setting a new all-time high. As a result, MEME in the Base ecosystem has become a hot topic, with hundreds of smart money addresses positioning themselves in Base ecosystem MEME.

Is the MEME Season Returning?

Currently, the market still lacks a mainstream narrative that can compete with Bitcoin ETFs, and MEME coins have taken on the emotional sentiment of crypto players, with some even stating, "Value is meaningless; making money still depends on MEME."

As MEME plays become increasingly diverse, the market has recently seen various sectors rise in turn, such as the AI boom driven by GPUs, AXL promoting cross-chain interoperability, and ONDO bringing the RWA narrative, etc. However, this enthusiasm did not last long, and countless MEMEs can still be created in each sector for retail speculation. On March 29, according to alphascan data, the current market sentiment shows that among the top ten cryptocurrencies, the MEME sector occupies three spots.

Maartje Bus, Vice President of Research at Messari, stated, "MEME coins will continue to be an important part of the cryptocurrency market and may become a new asset class. Cryptocurrencies are often criticized for lacking use cases for ordinary people, which is a fair comment. However, in fact, MEME coins have been successfully attracting people into the blockchain."

However, MEME itself has no actual value, and readers should invest cautiously and pay attention to detail.