In a major shake-up in the world of cryptocurrencies today, Dogwifhat (WIF), a prominent meme token built on the Solana blockchain, has been introduced to the spot trading market by Binance, the world’s foremost cryptocurrency exchange platform.
$WIF coin takes Binance by surge
The official announcement from Binance revealed that trading for the Dogwifhat token began immediately on its spot trading platform, providing traders with a slew of trading pairs, including BTC, USDT, FDUSD, and TRY.
Emerging in late 2023, Dogwifhat quickly gained traction within the cryptocurrency community, thanks to its emblematic depiction of a Shiba Inu pup wearing a knit cap, a nod to a popular meme from 2020. This distinctive “wif hat” meme quickly became a favorite, propelling Dogwifhat to fame. The buzz around this meme coin was further amplified by coverage from leading media entities like Bloomberg, further elevating its status in the crypto market.
Following this announcement, WIF saw a significant price jump to $1.91, pushing its market capitalization to an impressive $1.88 billion. This notable rise has firmly positioned Dogwifhat as the 59th largest asset in the cryptocurrency landscape.
Meme coin trade of the year
Miracles do happen, as a savvy investor who initially purchased $310 worth of the meme token Dogwifhat (WIF) in November 2023 has started to offload their holdings following an astronomical surge in the token’s value.
As highlighted by Lookonchain analysts, the investor utilized 5.288 Solana (SOL), equivalent to $310, to acquire 2.58 million WIF tokens. These tokens have since soared in value to a staggering $4.1 million.
The investor executed a sale of 750,000 WIF tokens for 9,363 SOL, netting $1.21 million from the transaction. This sale left the investor with approximately 1.83 million WIF tokens, now valued at around $2.91 million. Impressively, the value of the investor’s assets escalated by 13,307-fold, reaching a pinnacle of $4.12 million.
Dogwifhat, which draws inspiration from the popular Shiba Inu dog meme, has seen its price rocket nearly 900% since its inception in November 2023, per data from CoinMarketCap. Within a mere span of over three months, the token’s price leaped from $0.1797 to $1.67. Moreover, on March 4, the token’s price hit a new all-time high of $1.92.
Since December, WIF has captured the fascination of whale investors, with numerous tales surfacing about the substantial profits gleaned from trading the token. One such narrative involves a trader who amassed $1 million in just 5 days from an initial investment of $226,000 in WIF.
Dogwifhat is just getting started: Destination Coinbase
On Friday, Robinhood revealed its plans to list Dogwifhat’s WIF token on its European platform, marking a bullish development for the popular Solana-based meme coin. Despite this positive news, it led to the formation of a local top at $1.01. Further excitement surrounds WIF as notable crypto influencer Hsaka teases the possibility of an upcoming listing on a major Centralized Exchange (CEX).
The addition of WIF to Robinhood, combined with the backing of influential figures in the crypto community, underscores its status as this cycle’s most rapidly growing dog-themed cryptocurrency.
Despite its rapid success, Dogwifhat is eyeing further milestones, including a potential listing on Coinbase, one of the leading crypto exchanges in the U.S. The Binance listing not only cements WIF’s standing in the cryptocurrency sector but also fuels excitement for what the future holds, especially regarding further recognition from platforms like Coinbase.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
