By
Kseniia Klichova
April 29th, 2024
The correlation between WIF’s rally and Solana’s positive movement suggests a potential symbiotic relationship, where the success of one influences the other.
In a remarkable turn of events, the Solana-based meme coin dogwifhat (WIF) has experienced another astounding rally over the past 24 hours. According to CoinGecko’s latest data, the token surged 50% to reach an all-time high exceeding $0.48.
The recent surge has positioned WIF as one of the standout performers in the market among the group of memecoins that debuted in December 2023. Over the past week, the virtual asset saw a 120% increase, with an impressive 250% surge over the last 30 days.
Binance Adds Support for Meme Coin Dogwifhat WIF
The recent surge could be attributed to several factors, attracting attention from investors. On Wednesday, January 16, financial services company Franklin Templeton posted on X (formerly Twitter), hinting at the token “wif hat.”
You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat
— Franklin Templeton (@FTI_US) January 17, 2024
Shortly after, the company’s digital asset team said they were “impressed” by the growth of Solana-based projects launched in the fourth quarter of 2023. The team also disclosed Solana was among the blockchain protocols they were “watching,” including Bitcoin (BTC) and Ethereum (ETH).
Another significant factor that could also contribute to the recent surge of the token is its listing on major crypto exchanges such as Binance.
On January 18, 2024, the exchange announced that it had introduced the WIF/USDT trading pair on its perpetual contracts with up to 50x leverage.
The company said it might occasionally adjust the specifications of the WIF/USDT perpetual contract. These adjustments could involve changes to the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements.
WIF Edges Closer to Becoming 100th Crypto
BitMEX joined the fray earlier this week by listing the perpetual swap contract WIF/USDT.
With this development, WIF’s market capitalization has soared past the $450 million mark, placing it near PEPE, the fourth-largest meme coin, which currently stands at around $505 million. PEPE has also experienced a recent decline, opening the possibility for the Solana meme coin to secure a higher position if its upward momentum persists.
The token is edging closer to the list of the top 100 largest cryptocurrencies, currently held by PancakeSwap (CAKE), with a market cap of $707 million. It remains $250 million away from WIF to achieve this milestone.
Meanwhile, the surge in the meme coin’s value aligns with the broader resurgence of Solana (SOL), which has witnessed a 3% increase over the last 24 hours, surpassing the $100 mark again. However, at press time, SOL is currently trading slightly below $100.
The correlation between WIF’s rally and Solana’s positive movement suggests a potential symbiotic relationship, where the success of one influences the other.