Dogwifhat (WIF), a meme coin based on the Solana blockchain, has recently soared to unprecedented heights. The coin’s value reached an all-time high, primarily driven by the news of its upcoming listing on major cryptocurrency exchanges Binance and Kucoin. This development comes on the heels of a notable rally in Solana (SOL) in the final quarter of 2023, which also boosted several other meme coins within its ecosystem.
Binance and Kucoin Listing Sparks Market Excitement
Scheduled for Thursday at 14:15 UTC, Binance Futures will introduce the WIF perpetual contract. This move allows traders to engage with the meme coin using leverage as high as 50x. Following this, both Binance and Kucoin have announced their plans to list Dogwifhat on their respective platforms. The anticipation surrounding these listings has led to a surge in WIF’s price, reaching a peak of $0.5317. At the time of writing, the coin maintains a robust upward trajectory, showing a 20% increase in the last 24 hours, currently priced at $0.4363.
Dogwifhat has captured the attention of ‘degen whales’ – traders known for high-risk investments – since December. Their involvement has led to significant trading volumes and profits, with reports of one trader earning $1.47 million in just five days. The recent purchase of 17.22 million WIF by a wallet labeled “Binance-insider” for $8.65 million has raised eyebrows in the crypto community, stirring discussions about potential insider trading. This suspicion gained further momentum with the news of another substantial WIF purchase, amounting to 2.68 million tokens, just 16 hours before the Binance announcement.
Potential Price Movements Post-Listing
With the listing now public, there’s growing speculation about the future price movement of WIF. Analysis shows that WIF is currently trading within a specific channel, approaching the upper trendline’s resistance. Should it fail to break this barrier, a fallback to the channel’s lower support line at around $0.3353 is possible.
Dogwifhat’s situation mirrors the previous market response to the listing of Bonk futures on Binance. Past trends suggest that a period of sideways movement could precede a significant price surge. Drawing parallels, some community members foresee a potential rise in WIF’s value, hypothetically reaching as high as $2.75. However, it’s crucial to remember that, like other meme coins, Dogwifhat lacks substantial utility and is subject to high market volatility and risk.