Meme coins led by Solana-based dogwifhat surged, outpacing other niches such as DeFi and exchange tokens.
Bets on DOGE-tracked futures jumped to a record $2 billion, and some trading firms warned of a pullback in recent gains as bitcoin and ether price action showed signs of exhaustion. Meme coins led by Solana-based dogwifhat surged for the second day to lead as a category as the broader market remains little changed ahead of the long weekend in the U.S., Europe and parts of Asia.
Meme tokens started to run early Thursday amid speculations of DOGE being used on an upcoming payments service of social application X, although there has been no official communication from the company. Bets on DOGE-tracked futures jumped to a record $2 billion, indicative of expectations of future price volatility with a bias toward longs. Dog-themed tokens such as Floki and WIF jumped as a beta bet to dogecoin.
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