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Raoul Pal, the founder and CEO of Real Vision Group, disclosed on social media platform X that he holds less than 2% of dogwifhat (WIF), a dog-themed meme coin based on the Solana blockchain.
Pal's dogwifhat exposure
Pal's disclosure comes amid a recent surge in the market value of WIF, which has seen impressive gains over the past few months. This meme coin has captured the attention of crypto investors with its rapid rise in value and its unique dog-themed branding.
Dogwifhat skyrocketed in popularity since its launch late last year, riding the support of other successful canine-themed coins like Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK). With the broader crypto market rallying, WIF saw a 33% increase in value over the past 24 hours, trading at $3.11, according to CoinMarketCap data. Pal also acknowledged its 1,600% surge in 90 days, complemented by 600% in 30 days and 54% in seven days, respectively.
The growth of WIF has been nothing short of spectacular. Just months after its launch, it surpassed Floki (FLOKI) to become the fourth-largest meme coin by market capitalization, boasting a market value of $3.1 billion. While still a fraction of the size of DOGE, which holds the 10th position among all cryptocurrencies with a market cap of $26 billion, WIF's rapid success is undeniable.
In a testament to the profitability of meme coins, Arkham Intelligence recently revealed that a savvy trader capitalized on the frenzy surrounding dogwifhat, generating a 33,000% return on investment. This trader turned $6,000 in SOL (Solana's native token) into millions in realized profit.
While it remains unclear what the actual quantity of WIF is that Raoul Pal owns, the exposure shows the massive embrace. Pal noted that he is not endorsing WIF but merely enjoying the fun around the token.
Community engagement on WIF
In a further display of community enthusiasm, recent reports indicate that WIF supporters have raised substantial funds to display the token's mascot, a Shiba Inu wearing a pink beanie, at Las Vegas' iconic Sphere entertainment venue.
The campaign, which exceeded its fundraising target of $650,000 in less than four days, highlights the fervent following behind WIF and its brand identity.
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