Meme Coin Featuring Knitted Hat Dog Soars to $2.5 Billion Valuation

The meme coin WIF depicts a Shiba Inu dog with a pink knitted hat and has attracted a cult following, with a $2.5 billion market cap.

WIF price skyrocketed in March 2024, reaching an all-time high of $3.47 before a 28% correction.

A WIF-related NFT sold for 1210 ETH ($4.3 million) to benefit the dog's foster parents.

WIF is driving adoption of Solana due to low transaction fees, though an NFT was sold on Ethereum.

Meme coins like WIF belong to the realm of crypto's obsession with dogs, displaying signs of a collective hallucination.