Dogwifhat (WIF), a cryptocurrency inspired by a dog, has amassed a market capitalization of $3.2 billion, possibly due to increased market interest.

According to Raoul Pal, the Founder and CEO of Real Vision Group, he holds a 2% ownership stake in Dogwifhat (WIF), a meme token centered around Solana. This announcement coincides with the token's remarkable 40% market value surge, garnering attention from traders and the cryptocurrency community.

WIF has experienced a staggering 1,600% increase in value over the past three months, with a recent 60% rise and a weekly jump of 54%.

Despite being a newcomer, WIF has secured the fourth position among meme tokens in terms of market capitalization, boasting a value of $3.1 billion. However, it still trails behind Dogecoin (DOGE), which has a market capitalization of $26 billion.

A report from Arkham Intelligence highlighted a trader who capitalized on the situation, achieving an astonishing 33,000% yield.

The WIF community successfully raised $650,000 in just four days to display the token's mascot at Las Vegas' Sphere entertainment venue.