The correlation between WIF’s rally and Solana’s optimistic motion suggests a possible symbiotic relationship, the place the success of 1 influences the opposite.
In a outstanding flip of occasions, the Solana-based meme coin dogwifhat (WIF) has skilled one other astounding rally over the previous 24 hours. In accordance with CoinGecko’s newest knowledge, the token surged 50% to succeed in an all-time excessive exceeding $0.48.
The current surge has positioned WIF as one of many standout performers out there among the many group of memecoins that debuted in December 2023. Over the previous week, the digital asset noticed a 120% enhance, with a powerful 250% surge over the past 30 days.
Binance Provides Help for Meme Coin Dogwifhat WIF
The current surge might be attributed to a number of components, attracting consideration from traders. On Wednesday, January 16, monetary providers firm Franklin Templeton posted on X (previously Twitter), hinting on the token “wif hat.”
You might be uncertain the right way to really feel about Laser Eye Ben? Simply suppose as a substitute of Ben wif hat
— Franklin Templeton (@FTI_US) January 17, 2024
Shortly after, the corporate’s digital asset group stated they have been “impressed” by the expansion of Solana-based initiatives launched within the fourth quarter of 2023. The group additionally disclosed Solana was among the many blockchain protocols they have been “watching,” together with Bitcoin (BTC) and Ethereum (ETH).
One other vital issue that would additionally contribute to the current surge of the token is its itemizing on main crypto exchanges corresponding to Binance.
On January 18, 2024, the trade announced that it had launched the WIF/USDT buying and selling pair on its perpetual contracts with as much as 50x leverage.
The corporate stated it’d sometimes alter the specs of the WIF/USDT perpetual contract. These changes might contain modifications to the funding price, tick dimension, most leverage, preliminary margin, and upkeep margin necessities.
WIF Edges Nearer to Turning into one centesimal Crypto
BitMEX joined the fray earlier this week by itemizing the perpetual swap contract WIF/USDT.
With this growth, WIF’s market capitalization has soared previous the $450 million mark, putting it close to PEPE, the fourth-largest meme coin, which at present stands at round $505 million. PEPE has additionally skilled a current decline, opening the likelihood for the Solana meme coin to safe the next place if its upward momentum persists.
The token is edging nearer to the record of the highest 100 largest cryptocurrencies, at present held by PancakeSwap (CAKE), with a market cap of $707 million. It stays $250 million away from WIF to attain this milestone.
In the meantime, the surge within the meme coin’s worth aligns with the broader resurgence of Solana (SOL), which has witnessed a 3% enhance over the past 24 hours, surpassing the $100 mark once more. Nevertheless, at press time, SOL is at present buying and selling barely under $100.
The correlation between WIF’s rally and Solana’s optimistic motion suggests a possible symbiotic relationship, the place the success of 1 influences the opposite.
