This Solana Meme Coin Explodes 50% Daily: Here’s Why
In a surprising turn of events, the Solana-based meme coin, dogwifhat (WIF), has experienced a significant price surge, exceeding $0.20. The coin’s price spiked by over 50% on January 11, 2024, making it one of the top-performing cryptocurrencies of the day. The market capitalization of WIF surpassed temporarily the $300 million level, currently hovering around $250 million.
This latest rally follows a highly successful 7-day period, during which the asset’s value has increased by over 65%. However, it’s still down from the peak of $0.32 registered shortly before Christmas but managed to reach the $0.30 mark with the price hovering at around $0.28 at the time of writing.
The surge in WIF’s price coincides with the actions of a crypto whale who spent 86,738 SOL (equivalent to $8.65 million at the time of the transaction) to acquire 17.22 million WIF tokens. This investor is now the second-largest holder of WIF, having previously purchased almost 20 million assets.
The whale, who refers to themselves as a “Binance insider,” has sparked speculation about a potential WIF listing on Binance, the largest exchange by trading volume. If this speculation turns out to be true, WIF wouldn’t be the first Solana meme coin supported by the company. In December, Binance listed Bonk Inu (BONK), contributing to the token’s all-time high price rally and its brief market cap ascent above $2 billion.
Dogwifhat stands out from other meme coins due to its association with a real Shiba Inu donning a hat, a departure from the more traditional cartoonish meme approach. The meme, featuring a dog in a hat, has been circulating on the internet since 2020, but its resurgence in the form of WIF has garnered newfound attention.
Dogwifhat currently stands as the first most trending coin in the last 24 hours, according to DEX Screener. The unique appeal of Dogwifhat lies in its distinct features, prominently featuring a Shiba Inu dog adorned with a knitted hat. This quirky yet captivating design has captured the attention of the crypto community, leading to a surge in popularity and an outpouring of posts featuring the iconic canine elements.
As the crypto market continues to evolve, the performance of meme coins like WIF will be closely watched by investors and enthusiasts alike. The potential listing of WIF on Binance could further boost its visibility and acceptance in the crypto market. However, as with all investments, potential investors should exercise caution and conduct thorough research before making any decisions.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information