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In a recent announcement on January 18, Binance Futures revealed its plans to launch a perpetual contract for the Dogwifhat meme coin, offering traders leverage of up to 50x. The trading for this new contract is scheduled to commence on January 18 at 14:15 UTC.
Market Reaction Fuels an 18% Surge in WIF Price
Following the announcement, the WIF token experienced a notable 18% increase in value, reaching $0.4379 at the time of writing. At its peak, the token surged by 24%, hitting $0.48. Accompanying this upward movement, trading volumes witnessed a substantial 84% spike over the last 24 hours, totaling $148 million. Additionally, the market capitalization of WIF surged by 17.6% to reach $434.7 million.
WIF: A Solana-Based Meme Coin Gaining Traction
WIF is a relatively new meme coin built on the Solana blockchain. Its emergence gained attention within the crypto community during the general enthusiasm surrounding the Solana ecosystem and its associated tokens in December 2023. The coin experienced another surge in popularity in January, registering a 71% price increase and securing its position as the 9th largest meme coin.
Binance Listing Sparks Renewed Interest
Amid circulating rumors about the potential listing of WIF on Binance, the meme coin witnessed a fresh rally following the official announcement. This development occurred despite previous reports of meme coins on Solana facing a downturn after the substantial gains observed in December 2023.