Dogwifhat (CRYPTO:WIF), a Solana-based (CRYPTO:SOL) memecoin, has surged in the memecoin rankings, now holding the title of the third-largest by market capitalization after an impressive rally that saw its price reach new highs.

With its market cap overtaking Pepe's, Dogwifhat's price ascended to $4.64, marking a significant milestone and reflecting the cryptocurrency community's growing interest in this particular asset.

The largest Dogwifhat holder's decision to not sell despite holding an unrealized profit of over $127 million underscores the confidence some investors have in the memecoin's potential for further growth.

This memecoin's journey was notably boosted by a community crowdfunding effort, raising over $700,000 for advertising, which led to a significant price increase, showcasing the power of community support in the crypto world.

Predictions about Dogwifhat potentially reaching a $10 value per token have sparked discussions within the crypto community, reflecting on the speculative nature of memecoins and their unpredictable market movements.