The Largest Cryptocurrency Exchange, Binance, to Launch Futures Trading with Dogwifhat Meme Coin
Binance, the biggest cryptocurrency exchange, has announced the launch of futures trading with the Dogwifhat (WIF) meme coin. The new offering will be a Dogwifhat perpetual contract with leverage of up to 50x, set to begin trading on January 18 at 14:15 UTC.
“Qualified USDS-margined futures liquidity providers will be eligible to enjoy 0.005% maker fee rebates for trades on the WIFUSDT Perpetual Contract for approximately 14 to 15 days.”
Binance announcement
Following this news, the price of WIF increased by 18%, reaching $0.4379. At its peak, the token’s price rose by 24% to $0.48. Additionally, trading volumes surged by 84% in the last 24 hours to $148 million, and market capitalization grew by 17.6% to $434.7 million.
WIF: A New Meme Coin Based on Solana
WIF is a recently introduced meme coin that operates on the Solana network. It gained attention within the crypto community during December 2023 due to the overall excitement surrounding Solana and its ecosystem. In January, Dogwifhat experienced another surge in popularity, with a price increase of 71% and rising to become the ninth-largest meme coin.
Rumors about WIF being listed on Binance further fueled the rally after reports of memcoins collapsing on Solana following their gains in December 2023.
Hot Take: Binance Expands Its Futures Offering with Dogwifhat Meme Coin
Binance, the largest cryptocurrency exchange, is set to diversify its futures trading options by introducing the Dogwifhat (WIF) meme coin. With leverage of up to 50x, the Dogwifhat perpetual contract aims to attract qualified USDS-margined futures liquidity providers with maker fee rebates. The announcement has already caused a surge in the price of WIF, increasing by 18% and reaching $0.4379. As trading volumes and market capitalization also experience significant growth, it remains to be seen how this new addition will impact the overall meme coin market.
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