Solana-based meme token WIF exchange rate rises by 38% after listing announcement on Binance

Earlier, the asset’s yields rose sharply due to the redistribution of traders’ profits from bitcoin investments

05.03.2024 - 14:41

900

3 min

What’s new? Crypto exchange Binance has listed the “dog” meme token Dogwifhat (WIF). Trading of the asset on the spot market in pairs with bitcoin, USDT, and FDUSD stablecoins, as well as the Turkish lira, opened on March 5, at 14:00 UTC. Withdrawal of the asset will be available a day later. Against the background of the announcement, the WIF exchange rate jumped by 38% in a day and reached $1,9, but by the time of writing it corrected to $1,69.

The exchange’s announcement

What else is known? The asset has been added to the platform with a Seed Tag. It is assigned to new projects that may show increased volatility and therefore carry higher risks.

Dogwifhat launched on the Solana blockchain last November. The project uses a Shiba Inu dog as its mascot, as do several other highly capitalized meme tokens including DOGE, SHIB, FLOKI, and BONK.

The project is fully decentralized and community-driven. In January, Binance launched perpetual asset futures with up to 50x leverage. On February 27, an unknown holder of WIF earned $1,4 million due to the growth of its rate with an initial investment of $310.

The asset occupies the fifth line of the meme token ranking and 70th place in the overall cryptocurrency ranking with a capitalization of $1,7 billion. It has increased in value by 190% in a week and by 989% since the beginning of the year. It is also the second most capitalized such asset in the Solana ecosystem, second only to BONK.

Average trading volume of the largest meme tokens has risen by 3000% in a week

The 7-day growth of some coins’ rates exceeded 100%

Earlier, Santiment analysts named WIF as one of the leaders in terms of yield growth as a result of the redistribution of traders’ profits from bitcoin investments.

On January 11, a trader invested $9 million in WIF and immediately lost 63% of funds on slippage.

Author: