- Binance now supports Dogwifhat trading.
- Dogwifhat is listed on Binance with four trading pairs.
- Solana is earning a reputation for hosting killer memecoins.
Dogwifhat is making a name for itself after rapidly rising in the cryptocurrency market cap rankings following an astronomical price surge in late February. The Solana-based memecoin has captured immense speculative interest and trading volume, leading to a highly acclaimed Binance listing.
Binance Warns of Dogwifhat Risk
Riding on Dogwifhat’s growing popularity, Binance opened trading support for the memecoin on March 5 at 14:00 UTC under four spot trading pairs: WIF/BTC, WIF/USDT, WIF/FDUSD, and notably the only fiat currency in WIF/TRY.
Binance has applied a “Seed Tag” to Dogwifhat, denoting the token’s extreme volatility and high risk. Users must pass periodic quizzes to access trading for seed-tagged tokens, ensuring they understand the heightened risks of these types of tokens.
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Dogwifhat’s recent stellar performance has overtaken established memecoin rivals like Floki and Dogelon Mars. The token is now closing in on fellow Solana-based memecoin Bonk, currently around $650 million below Bonk’s market cap valuation.
With crypto markets stirring in action following a drawn-out bear period, WIF is poised to reap the benefits of renewed crypto interest.
WIF on a Roll
Renewed crypto interest saw the Dogwifhat token reach new heights on Tuesday, spiking as high as $1.90 to mark a new all-time high and staggering 555% gains since February 24, when it was priced at just $0.29, per CoinGecko data.
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However, after the Binance listing announcement began circulating, huge sell pressure has since dipped WIF’s price lower to around $1.68 at the time of writing. This pattern is reminiscent of Binance’s PEPE listing in May 2023, which saw a 49% drawdown in the token’s price by the end of the next day.
With Dogwifhat and Bonk printing massive gains for early investors, Solana is fast becoming the go-to layer 1 for memecoins. This was highlighted on Monday when Solana’s DEX volume shot to $1.99 billion over the last 24 hours, briefly overtaking Ethereum, which turned over $1.83 billion during the same period.
Memecoins often launch on DEXs, which have flexible, some would argue overly lax, rules around token listings.
On the Flipside
- Memecoins are a booming category, up 169% over the past 7 days as a collective.
- Vitalik Buterin recently expressed concerns about overinvestment in memecoins.
- Dogwifhat‘s long-term viability and fundamentals remain highly uncertain.
Why This Matters
The Binance listing of Dogwifhat underscores the growing mainstream embrace of memecoins and the power of community-driven crypto assets. While critics warn of a speculative bubble, the popularity of memecoins reflects how engaging online communities can drive real-world demand, forcing big business exchanges to take notice.
Read about Dogwifhat’s rise in the crypto rankings here:
Here’s Why Dogwifhat Memecoin Cracked Top 100 Cryptos
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