TL;DR
- Dogwifhat (WIF) experienced a substantial price rally recently.
- The coin’s surge aligns with a general trend of increasing interest in Solana-based meme coins.
The popular Solana meme coin – dogwifhat (WIF) – experienced a price rally of approximately 25% hours after the cryptocurrency exchange BitMEX listed the perpetual swap contract WIF/USDT.
“WIF/USDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the WIF token and trade it with leverage, without needing to have WIF holdings,” the company explained.
The meme coin has been among the trendiest cryptocurrencies as of late, with its value skyrocketing by 330% in the past 30 days (per CoinGecko’s data) and market capitalization nearing the $350 million mark.
Its rapid upswing caught the eye of numerous industry participants, including BitMEX’s co-founder – Arthur Hayes. Last month, he jokingly posted a photo on X (Twitter) wearing a hat (remarking with the asset’s name).
BitMEX is not the only exchange to have added support. Bybit listed WIF/USDT perpetual contract with up to 25x leverage on January 11.
Other Solana meme coins, such as Bonk Inu (BONK), have also been in the spotlight recently. Its price and market cap exploded in December, placing the asset as the third-biggest in its realm, trailing behind Dogecoin (DOGE) and Shiba Inu (SHIB).
One factor that might have contributed to the surge is the interaction from Binance and Coinbase, with both crypto behemoths embracing the asset a month ago.
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