Solana

Solana’s Dogwifhat (WIF) Achieves Record High Before Binance and Kucoin Listings

Dogwifhat (WIF), a meme coin based mostly on the Solana blockchain, has not too long ago soared to unprecedented heights. The coin’s worth reached an all-time excessive, primarily pushed by the information of its upcoming itemizing on main cryptocurrency exchanges Binance and Kucoin. This growth comes on the heels of a notable rally in Solana (SOL) within the ultimate quarter of 2023, which additionally boosted a number of different meme cash inside its ecosystem.

Binance and Kucoin Itemizing Sparks Market Pleasure

Scheduled for Thursday at 14:15 UTC, Binance Futures will introduce the WIF perpetual contract. This transfer permits merchants to have interaction with the meme coin utilizing leverage as excessive as 50x. Following this, each Binance and Kucoin have introduced their plans to checklist Dogwifhat on their respective platforms. The anticipation surrounding these listings has led to a surge in WIF’s value, reaching a peak of $0.5317. On the time of writing, the coin maintains a strong upward trajectory, exhibiting a 20% improve within the final 24 hours, at the moment priced at $0.4363.

Dogwifhat has captured the eye of ‘degen whales’ – merchants identified for high-risk investments – since December. Their involvement has led to vital buying and selling volumes and earnings, with reviews of 1 dealer incomes $1.47 million in simply 5 days. The current buy of 17.22 million WIF by a pockets labeled “Binance-insider” for $8.65 million has raised eyebrows within the crypto group, stirring discussions about potential insider buying and selling. This suspicion gained additional momentum with the information of one other substantial WIF buy, amounting to 2.68 million tokens, simply 16 hours earlier than the Binance announcement.

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Potential Value Actions Submit-Itemizing

With the itemizing now public, there’s rising hypothesis concerning the future value motion of WIF. Evaluation exhibits that WIF is at the moment buying and selling inside a selected channel, approaching the higher trendline’s resistance. Ought to it fail to interrupt this barrier, a fallback to the channel’s decrease help line at round $0.3353 is feasible.

Dogwifhat’s state of affairs mirrors the earlier market response to the itemizing of Bonk futures on Binance. Previous developments counsel {that a} interval of sideways motion might precede a big value surge. Drawing parallels, some group members foresee a possible rise in WIF’s worth, hypothetically reaching as excessive as $2.75. Nonetheless, it’s essential to keep in mind that, like different meme cash, Dogwifhat lacks substantial utility and is topic to excessive market volatility and threat.

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