Martin Shkreli questions Dogwifhat’s value, explores Solana meme coins

Martin Shkreli criticizes Dogwifhat’s valuation, drawing parallels to historical bubbles, while seeking promising Solana-based meme coins.

Infamous former hedge fund manager Martin Shkreli has dismissed Dogwifhat, suggesting its current price marks a gross over-valuation.

Yet Shkreli recognizes the power of meme coins, asking in another tweet which ones he should buy.

Shkreli warns of potential WIF crash

In a recent post on X, Martin Shkreli compared Dogwifhat to the Dutch tulip market bubble of the 1600s.

The former hedge fund manager alluded that WIF lacks any real purpose or utility, meaning its current $3 billion valuation is unlikely to hold.

He illustrated this by comparing Dogwifhat to Intellia Therapeutics Inc (NTLA), “a leading CRISPR company that has cured two rare diseases.”

Currently, NTLA holds a $2.65 billion market cap, while WIF’s is $3.1 billion.

Dogwifhat has experienced unprecedented momentum recently, up 43% today, 78% this week, and 760% this month. 

Such a price performance reflects unwavering market euphoria, leading Shkreli to dub WIF a “tulip bulb descendant.”

He was referring to the Dutch tulip bulb market mania of the mid-1600s, which was one of the most famous bubbles of all time.

The frenzy saw the rarest tulip bulbs soar to prices six times the average annual salary, driven by a resounding sense of greed and speculation.

However, the bubble burst when buyers could no longer pay the exuberant prices, devastating the Dutch economy.

Shkreli suggests that Dogwifhat may reach a $30 billion market cap before investors “feel the pain of a squeeze.” 

He noted this is a similar valuation to Roblox Corp (RLBX), which he describes as “one of the biggest video game companies in the world.”

Nevertheless, the so-called “Pharma bro” seemingly understands the power of meme coins, suggesting that market participants who “feel the need to gamble” should “try to ferret out the next tulip bulb.”

In other words, Shkreli hints that traders should identify the next meme coin that could explode like Dogwifhat.

This is evident in another of his recent tweets, where he asks his followers what the best Solana tokens to buy are.

Evidently, despite his skepticism on Dogwifhat, Shkreli seems happy to buy meme coins, provided they offer a better risk-to-reward ratio.

The meme coin market is rife with opportunity, making it challenging to find the best projects. 

However, based on an analysis of trends, tokenomics, price, community, and expert opinions, the two best meme coins to buy now are Smog and Sponge.

Smog is a multi-chain meme coin, available on Solana and Ethereum, while Sponge is available on Polygon, offering a diversification outside of the Solana ecosystem. Let’s take a closer look at each.

Smog

Launched in February, Smog has become one of the industry’s hottest new meme coins. Its Solana and Ethereum availability provide widespread exposure across the two most prominent on-chain meme coin markets.

Smog has seen notable success since launching, currently holding a $184 million market cap, up 18% today and 689% this week.

However, the price retraced recently after a technical mishap where the team lost control of its X account. But having regained access since, this could spell a timely buying opportunity before the next leg up.

In a bid to outdo its competition, the project is running a widely-celebrated airdrop, with 35% of the token’s total supply earmarked for the giveaway.

Users gain entry by buying and holding Smog, or increase their chances of winning by completing tasks outlined on the project’s Zealy page. These tasks are geared toward spreading the word about Smog, helping grow its community, and bolstering its price.

Staking is another anticipated feature, with holders garnering a fixed 42% APY. This ushers in token utility, encouraging long-term holding and minimizing sell pressure.

Potential investors can get a 10% discount on their purchase when they buy through the Smog website. However, this offer ends soon.

Sponge

Sponge rose in the depths of the 2023 bear market. In an epic display of resilience, the project saw immense gains, pumping to a $100 million market cap and bagging early buyers a 100x ROI.

The move was enabled by steadfast community support, with 13K holders, 30K social media followers, and over ten prominent exchanges all getting on board.

However, with market dynamics shifting bullish, Sponge has returned with its biggest initiative yet: Sponge V2.

Packed with a new P2E game and staking mechanics, Sponge V2 boasts significantly more utility than the original.

Meanwhile, Mathew Perry speculated that heavyweight exchanges may list the token soon.

Similarly to Smog, Sponge has also seen immense success recently. Currently, it is trading at $0.003369, up 35% this week and 217% this month.

However, with a market cap of $136 million, significant upside potential remains.

Sponge V2 migrated from Ethereum to Polygon, ensuring lower trading fees and faster execution times. Currently, Polygon has a $1.1 billion TVL and a $12 billion market cap.

Yet, its meme coin market is in its infancy, providing Sponge with a first-mover advantage and rendering it the network’s premier meme crypto.