The Dogwifhat token took third place in market capitalization of all meme coins, overtaking Pepe.

According to CoinGecko, Dogwifhat (WIF), with a market cap of $3.6 billion, is currently second only to meme giants Dogecoin (DOGE) and Shiba Inu (SHIB), whose market caps are $31.1 billion and $18 billion, respectively.

Over the past 24 hours, WIF has also become one of the primary growth leaders, as the coin’s price increased by more than 16%, reaching an all-time high (ATH) of $4.01 on March 29.

CoinGecko’s data also shows that the meme coin category has grown by an average of 8%, outperforming larger niches such as decentralized finance, yield farms, and exchange tokens.

Meme tokens began to surge on March 28 amid rumors that DOGE would be used in social app X’s upcoming payment service, although there has been no official word from the company.

Ethereum Co-Founder Vitalik Buterin also paid attention to the meme coin market, considering various options for using this asset class, including financing public projects. In particular, he proposed using meme coins to raise funds for charity. In addition, Buterin proposed expanding the scope of meme coins and introducing them into the gaming industry.

Buterin also pointed out that in 2024, meme coins have become one of the main topics of discussion in the community. He drew a parallel between the 2021 bull market when Dogecoin and Shiba Inu coins were at their peak in popularity.