While the overall cryptocurrency market remains flat, memecoins have emerged as the standout performers, with Dogwifhat (WIF) taking the lead. This popular memecoin on the Solana network achieved a new all-time high earlier today.

Dogwifhat, a memecoin that debuted on the Solana ecosystem in November last year, has quickly gained recognition in the fiercely competitive meme coin market. WIF surged from $2.98 to reach an all-time high of $3.97, gaining over 28% in the past 24 hours. At the time of writing, it is currently trading at $3.80.

This remarkable performance marks Dogwifhat's best daily showing since its launch. The coin recently surpassed Ethereum-based memecoin Pepe, in market cap, securing the 38th position in CoinMarketCap rankings. Dogwifhat's market cap stands at $3.8 billion, while Pepe settled in the 43rd spot with a market cap of $3.37 billion.

However, due to the coin's limited historical data, it is challenging to make accurate price projections using technical analysis alone. It is crucial to note that meme coins are highly volatile and lack fundamental value. Dogwifhat is based on a meme of a shiba inu wearing a hat.

Notably, other meme coins are also experiencing positive growth today. Apart from Dogwifhat, the top four best-performing tokens among the overall top 100 cryptocurrencies are meme coins: Dogecoin gained 16.83%, Floki price increased by 12.7%, and BONK rallied 10%.