Solana’s Memecoin Dogwifhat Inks 111% Gains On Bybit Listing

Solana’s light-hearted Dogwifhat ends up on solid crypto platforms. Are Binance and Coinbase next to wear the hat?

Two happy woman celebrating a Dogwifhat coin.
Created by Gabor Kovacs from DailyCoin
  • Thriving Solana L1 witnesses another emerging dog-themed crypto.
  • SOL community requested Binance and Coinbase to list Dogwifhat.
  • Upon new listings, Dogwifhat embarked on a 5535% monthly run.

The Layer-1 Solana’s thriving ecosystem stands out as the home to the best-performing large market capitalization altcoin, SOL. Embarking on a 497.5% run in the last 365 days, SOL made waves in the crypto sphere, but not without the help of popular meme coins on the chain.

While the orange cartoon dog-themed Bonk (BONK) surprised the crypto community by entering the TOP 50 by global market capitalization with a 4424% run in late 2023, BONK now faces competition from Dogwifhat (WIF), another memecoin deployed by an anonymous team on Solana’s network.

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The light-hearted nature of Dogwifhat (WIF) might have accelerated the month-old canine coin’s emergence, as the pink hat memes flooded Crypto Twitter, usually tied to a request directed at one of the big cryptocurrency exchanges to list the token.

Hats Off To Bybit, MEXC Upon Dogwifhat Listing

In an interesting turn of events, multiple major centralized crypto exchanges listed Dogwifhat (WIF) on futures and perpetual trading contracts on Friday. These included Bybit, HTX, MEXC Global, and Poloniex. 

While Dogwifhat’s journey on CEXs has just begun, the dog-themed crypto has gained popularity on decentralized finance platforms, with Raydium and Orca taking up more than 62% of WIF’s trades in the last 24 hours, according to CoinGecko.

The leveraged trading opportunities with Dogwifhat (WIF) resemble a similar tendency to Bonk’s emergence in December 2023, when BONK was subsequently listed by Binance, Coinbase, KuCoin, Bybit, and other popular crypto platforms. 

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Following Bybit’s Derivatives listing, the #216 ranked Dogwifhat (WIF) trades at $0.2417, gaining 111% in the last 24 hours. Measuring in monthly terms, the bulls have favored the hat-wearing crypto dog with a dreamlike 5535% run in the last 30 days. 

On the Flipside

  • Dogwifhat’s (WIF) global market capitalization is approximately four times less than the current market capitalization of Bonk (BONK).
  • While this could signify the exponential growth potential of WIF, meme coins with smaller market caps also tend to fluctuate in price more than large caps.

Why This Matters

Meme coins are often the driving force behind social hype for crypto and blockchain technology due to their public appeal.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.