Dogwifhat has recently clinched the third spot in the market capitalization rankings among all meme coins, surpassing Pepe in the process.

According to the latest data from CoinGecko, Dogwifhat (WIF) boasts a market capitalization of $3.6 billion, positioning it as the second-largest meme coin, trailing only behind meme titans Dogecoin (DOGE) and Shiba Inu (SHIB), with market caps of $31.1 billion and $18 billion, respectively.

In the past 24 hours alone, WIF has emerged as one of the primary frontrunners in terms of growth, experiencing a notable price surge of over 16%. This surge propelled the coin to achieve an all-time high (ATH) of $4.01 on March 29.

Additionally, CoinGecko's data illustrates that the meme coin sector has demonstrated robust growth, averaging an 8% increase. This outperformance is notable compared to larger niches such as decentralized finance (DeFi), yield farming, and exchange tokens.

The surge in meme tokens commenced on March 28, fueled by speculation surrounding the potential integration of DOGE into the payment service of social app X, although no official confirmation has been provided by the company.

Ethereum Co-Founder Vitalik Buterin has also turned his attention to the meme coin market, exploring various potential use cases for this asset class, including funding public projects and charitable initiatives. Furthermore, Buterin has proposed expanding the utility of meme coins by integrating them into the gaming industry.

Buterin underscored the significance of meme coins in 2024, highlighting their prominence as a central topic of discussion within the community. He drew parallels between the current scenario and the 2021 bull market, during which Dogecoin and Shiba Inu coins experienced unprecedented levels of popularity.

It's important to note that the above discussion is not financial advice.