fmcpay dogwifhat wif reaches new ath as meme coins gain bullish momentum

Dogwifhat (WIF) reaches new ATH as meme coins gain bullish momentum

Meme coins have gained bullish momentum again as investors shift focus to altcoins. One of the latest additions to the category, dogwifhat (WIF), leads the top gainers’ list with double-digit gains.

WIF has surged by 43% in the past 24 hours, reaching a new all-time high of $3.23. At the time of writing, the meme coin’s market capitalization stands at $3.22 billion, positioning it as the 45th-largest digital asset by market capitalization. The daily trading volume of WIF has also experienced a significant increase, with a 104% rally, reaching $774 million.

On March 10, one of the main contributors to the advertising campaign of the meme coin, known as Ansem on X, announced that the ad campaign has been fully funded. According to the X post, the team behind the WIF movement successfully collected over $690,000 in USDC to finance the advertisement of the meme coin on the Sphere in Las Vegas.

In addition, Dogecoin (DOGE), the largest meme coin, has experienced an 8.35% gain over the past day, reaching a trading price of $0.187. This price level hasn’t been observed since December 2021.

The surge in Dogecoin’s price followed a hint from Tesla’s billionaire CEO, Elon Musk, suggesting the possibility of enabling DOGE payments for purchasing Tesla’s electric vehicles. This announcement likely contributed to the renewed interest and bullish sentiment surrounding Dogecoin.

At the reporting time, Shiba Inu (SHIB) is trading at $0.000033, with a market capitalization of $19.9 billion, which places it $7 billion away from Dogecoin’s (DOGE) market cap.

Pepe (PEPE) has experienced a 20% increase over the past day and briefly touched a new all-time high of $0.0000107 around 06:00 UTC on March 14. Currently, PEPE is trading at $0.0000105, with a total market capitalization of $4.45 billion.

FLOKI is nearing its all-time high of $0.00034, which was achieved in November 2021. The meme coin is currently trading at $0.00029.

According to data from CoinMarketCap, the total market capitalization of meme coins has increased by 7.3% in the past 24 hours, reaching $65.5 billion. Additionally, the total 24-hour trading volume for meme coins surged by 35%, reaching $12 billion.

Dencun Day One: Ethereum Layer 2 Networks See Drastic Drop in Transaction Fees

Some Ethereum layer 2 networks have seen their median transaction fees decline by as much as 99% after the Dencun upgrade went live. These are some of the biggest winners.

The highly anticipated Dencun upgrade has resulted in a significant reduction in transaction fees across Ethereum layer 2 networks, marking a milestone in the scalability and cost-efficiency of the ecosystem.

ethereum dencun

Implemented via the activation of proto-danksharding functionality through EIP-4844, the Dencun upgrade commenced on the Ethereum mainnet at epoch height 269568. This upgrade introduces off-chain “data-blobs,” which effectively lower the costs associated with storing transaction data.

Layer 2 networks on Ethereum, designed to offer faster and more economical transaction processing compared to the underlying blockchain, have experienced substantial benefits from the upgrade. According to data from a Dune dashboard created by “@Marcov,” popular layer 2 networks such as Optimism, Base, Arbitrum, Zora, and zkSync have witnessed significant declines in average transaction fees.

As of the latest data, average transaction fees stand at $0.05 on Optimism, $0.064 on Base, $0.5 on Arbitrum, and $0.16 on zkSync Era. Among these, Optimism and chains utilizing Optimism’s technology stack, like Base, have seen the most substantial reductions in fees.

The Dencun upgrade’s impact on transaction fees extends to other Ethereum Layer 2 solutions like Starknet, where significant reductions have been observed. Starknet shared a screenshot on X indicating a remarkable 99% decrease in gas transaction fees since the synchronization of the Dencun upgrade.

Tim Beiko of the Ethereum Foundation emphasized the significance of the Dencun upgrade, describing it as one of the most complex forks since the Merge. Notably, it shares the record for “most total EIPs in a fork” with Byzantium. Beiko highlighted the extensive collaboration among multiple teams involved in the upgrade process, which ultimately resulted in a smooth and successful implementation.


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