Dogwifhat (WIF), a memecoin based on the Solana blockchain, has claimed the third spot in market capitalization rankings among memecoins.

WIF now has a market cap of US$4 billion, trailing Dogecoin and Shiba Inu, valued at over US$30 billion and US$18 billion, respectively.

WIF traded at US$4.13 at 2:45 p.m. ET, a record high, according to CoinGecko data.

WIF took the frog-themed currency Pepe’s position to rank third among memecoins, making the top three slots now occupied by dog-themed projects.

Memecoins as a category saw a 27% increase over the past week, with Dogwifhat recording an 84% surge in this timeframe.

However, the meme frenzy is not without its risks, as highlighted by the recent spike in presale scams on the Solana blockchain.

Crypto detective ZachXBT has brought attention to several presale coins that have raised red flags for potential fraudulent activities.