Dogwifhat (WIF) Experiences a Price Rally After BitMEX Listing
The popular Solana meme coin, dogwifhat (WIF), saw its price surge by approximately 25% shortly after BitMEX listed the perpetual swap contract WIF/USDT. This listing allows users to trade the WIF token with leverage, without needing to hold WIF holdings.
BitMEX explained, “WIF/USDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the WIF token and trade it with leverage, without needing to have WIF holdings.”
In the past 30 days, WIF’s value has skyrocketed by 330%, reaching a market capitalization close to $350 million. The rapid rise in value has attracted attention from industry participants, including BitMEX’s co-founder, Arthur Hayes.
BitMEX is not the only exchange that has added support for WIF. Bybit also listed the WIF/USDT perpetual contract with up to 25x leverage on January 11.
Increased Interest in Solana-Based Meme Coins
Other Solana-based meme coins, like Bonk Inu (BONK), have also gained attention recently. In December, Bonk Inu’s price and market cap surged, making it the third-largest asset in its category, following Dogecoin (DOGE) and Shiba Inu (SHIB).
One possible factor contributing to these surges is the support from major exchanges like Binance and Coinbase, who embraced these assets a month ago.
Hot Take: The Rise of Solana Meme Coins
Solana-based meme coins, including dogwifhat (WIF) and Bonk Inu (BONK), have experienced significant price rallies in recent months. These coins have gained attention from both industry participants and major exchanges, with BitMEX and Bybit listing WIF/USDT perpetual contracts. The surge in interest can be attributed to the growing popularity of Solana as a blockchain platform and the wider trend of meme coins in the crypto market. As more investors seek opportunities for high returns, Solana meme coins offer a unique investment option with their rapid price movements. However, it’s important to approach these investments with caution due to their speculative nature and potential volatility.
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