© Reuters
LONDON – Dogwifhat (WIF), a cryptocurrency known as memecoin and based on the Solana blockchain, has seen a dramatic increase in value, propelling it into the top ranks of its category. The coin’s value surged over 50% to a new high of $0.5318 before settling at $0.48. This significant increase allowed Dogwifhat’s market capitalization to surpass the $460 million mark, placing it among the top five memecoins in terms of market value.
Dogwifhat’s notable price rise came just before a major announcement from Binance, the world’s leading cryptocurrency exchange. Binance revealed the introduction of perpetual contracts for WIF, a move that typically generates an increase in trading activity and liquidity for a cryptocurrency. However, the timing of the price rise and the announcement sparked discussion among traders and market observers about the possibility of insider trading. The suspicion comes from the substantial transactions that took place shortly before Binance’s plans for WIF perpetual contracts were released.
The introduction of perpetual contracts is often seen as a vote of confidence in a cryptocurrency’s presence in the market and can attract more attention from retail and institutional traders. Perpetual contracts allow traders to speculate on the future price of a cryptocurrency without an expiration date, unlike fixed-term futures contracts.
The rise of Dogwifhat and its entry into the top memecoins is a significant milestone for a token that began life as a meme. Memecoins are a type of cryptocurrency that is often inspired by internet jokes or memes and whose price can be volatile.
The community surrounding Dogwifhat and crypto enthusiasts are closely watching the market to see if memecoin can maintain its new position among the leading digital currencies of its kind.
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