Meme coin Dogwifhat WIF/USD, part of the Solana SOL/USD blockchain, experienced a 35% increase in its value within the last 24 hours, surpassing performance compared to top meme cryptocurrencies such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
What happened: At the time of writing, WIF was trading at $0.45, while SHIB and DOGE were up 1-2% in the last 24 hours.
The surge in Dogwifhat comes after Binance’s announcement on their blog stating, “Binance Futures will launch the USDⓈ-M WIF Perpetual Contract at 2024-01-18 14:15 (UTC), with up to 50x leverage.” This new futures contract offering appears to have sparked significant interest in the token.
Trading activity for the meme coin has risen sharply, with volumes hitting $133 million, marking a 72% increase from the previous day. Dogwifhat now holds a market capitalization exceeding $454 million.
Why It Matters: Following the path of BONK BONK/USD, another Shiba Inu-inspired Solana token that saw a meteoric rise, Dogwifhat is generating buzz with a simple yet catchy twist to its image—adding a hat to the dog motif.
Last week, an anonymous trader RockeFeller.eth on X by converting an initial investment of $5,000 into $1.8 million within a mere month, capitalizing on the Solana-based memecoin, Dogwifhat.
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