Solana Meme Coin dogwifhat (WIF) Reaches New ATH After Binance Futures Listing
dogwifhat (WIF), a Solana-based meme coin inspired by a viral image of a Shiba Inu dog wearing a hat, has reached a new all-time high price of over $0.45, according to data from CoinGecko. The coin has been one of the best performers in the crypto market lately, surging by 120% on a weekly scale and 250% in the past 30 days.
The latest rally was likely driven by the announcement from Binance, the world’s largest cryptocurrency exchange by trading volume, that it would launch a perpetual contract for WIF on its futures platform. Binance tweeted on Jan. 18 that it would offer the USDⓈ-M WIF Perpetual Contract at 14:15 (UTC), with up to 50x leverage. This means that traders can use a variety of cryptocurrencies, such as Bitcoin (BTC), as collateral to speculate on the price movements of WIF.
Binance has not yet listed WIF on its spot market, where users can buy and sell the coin directly. However, the futures listing has boosted the demand and liquidity for WIF, as well as its exposure to a wider audience of crypto enthusiasts.
WIF’s market capitalization has soared above the $450 million mark, making it the third-largest meme coin by market cap, after Dogecoin (DOGE) and Shiba Inu (SHIB). WIF has also surpassed PEPE, another popular meme coin based on the Pepe the Frog character, which has a market cap of around $500 million. PEPE has been on a downward trend recently, losing more than 40% of its value in the past week.
WIF is now $250 million away from entering the list of the top 100 largest cryptocurrencies by market cap. The current 100th spot is occupied by PancakeSwap (CAKE), a decentralized exchange (DEX) on Binance Smart Chain, with a market cap of $707 million.
The meme coin’s rally coincides with the resurgence of Solana (SOL), the native token of the Solana blockchain, which hosts WIF and other decentralized applications (DApps). SOL is up 3% on a 24-hour basis, surpassing the $100 mark once again. Solana is one of the fastest and most scalable blockchains in the industry, claiming to process up to 50,000 transactions per second.
dogwifhat (WIF) is a meme coin that was launched in December 2020, based on a photograph of a Shiba Inu dog in a woven beanie. The coin has gained popularity among crypto users for its humorous and friendly vibe, as well as its generous rewards for holders and stakers. WIF can be traded on several DEXs, such as Serum and Raydium, as well as centralized exchanges, such as Bybit, Bitrue, LBank, Tapbit, and Gate.io.
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