Dogwifhat Price Surges 10% Flips two Ethereum L2s on Market Cap

Dogwifhat ( WIF ), a meme coin, has risen nearly 10% to become the largest gainer among the top nine Ethereum Layer 2 (L2) networks, Optimism and Arbitrum. The rise in Dogwifhat's price follows the recent surge of Pepe ( PEPE ) and Cat in a Dogs World ($MEW), as Solana-based meme coins lead the sector.

Solana's fast and scalable blockchain technology has contributed to the success of meme coins built on the platform, such as WIF , $MEW, and Bonk Inu ( BONK ). With low transaction fees and high processing speeds, Solana provides an attractive environment for meme coin projects to operate efficiently and engage with a large audience.

Optimism and Arbitrum are among the most famous L2 scaling solutions on Ethereum due to their reduced transaction costs, compatibility with Ethereum Virtual Machine (EVM) and existing Ethereum smart contracts, and prioritization of security and decentralization through mechanisms like optimistic rollups. Several prominent decentralized finance (DeFi) projects and decentralized applications (dApps) have integrated with Optimism and Arbitrum, highlighting their practical utility and effectiveness. Community backing has also helped raise awareness and adoption of Optimism and Arbitrum.

However, the contention between Ethereum Layer 2 chains and Solana on matters of scalability continues. Transaction costs were significantly lowered by Ether's Dencun upgrade, and while the hard fork on the Ethereum mainnet has reduced fees for chains like Optimism and Base relative to Solana, critics argue that this may change with competition among Layer 2 chains.