Dogwifhat (WIF), the “canine in a hat” of the Solana community, has seen a major rally in current days, pushed by new options on Binance and the rising worth of the solana (SOL) cryptocurrency.
At present, WIF is buying and selling at $2.45, after being at $1.67 seven days in the past. This represents a rise of 44% within the talked about interval..
The rise of this meme cryptocurrency could be seen within the following chart offered by TradingView.
Nevertheless, WIF nonetheless is much from returning to its historic most of 4.85 {dollars}achieved final March.
Market capitalization additionally has elevated to $2.4 billionin line with knowledge from CoinMarketCap. As well as, knowledge from the Dextools explorer reveals that greater than 160,000 holders have this asset of their wallets on the Solana community.
The principle driver of WIF’s rally has been the current addition of a brand new perpetual contract WIFUSD COIN-M on Binance, the most important bitcoin (BTC) and cryptocurrency trade in the marketplace.
COIN-M stands for “Margin Coin-M”. It’s a kind of perpetual contract on Binance Futures that’s settled with the bottom forex of the contract, on this case WIF.
This contract, which might be launched on July 23, permits merchants to put money into differential contracts on the WIF worth utilizing the memecoin itself because the settlement forex.
On this case, Merchants can use as much as 20x leverage on their positions. Contracts don’t have any expiration date, permitting you to carry your positions for so long as you would like.
WIF had already been listed on Binance final March. There, customers can commerce within the WIF/BTC, WIF/USDT, WIF/FDUSD and WIF/TRY pairs, as reported by CriptoNoticias.
One other issue that has pushed up the value of WIF is the rising worth of Solana (SOL), the community on which WIF relies. SOL has gained 12% within the final weekrising from $143 to $161, as proven within the TradingView chart under.
The story of Dogwifhat started in 2019, when an expert Fortnite participant, Issa, set his Twitter profile image to a Shiba Inu canine carrying a pink knitted hat. This meme was become a token on the Solana community, launched on November 20, 2023.
Memecoins are digital property created as jokes, principally impressed by web memes. They’re based mostly on animal figures, personalities, and politicians. Like different property of the identical kind, WIF lacks a elementary worth, because it depends solely on hypothesis and the neighborhood surrounding it.