Binance Listing Catapults Dogwifhat to Record High


In the constantly evolving landscape of cryptocurrency, Dogwifhat (WIF), a new memecoin on the block, has garnered significant attention after Binance, one of the largest crypto exchanges, announced its listing. WIF, operating within the Solana blockchain framework, has seen its price surge to record heights, setting a new all-time high, following the news of its entry into the expansive trading marketplace of Binance.

The ascent of Dogwifhat has been nothing short of meteoric, with a particularly impressive rally in recent weeks that has seen it shoot up the rankings of memecoins. Binance has opened up the floodgates for traders by introducing Spot Trading Pairs for WIF against BTC, USDT, FDUSD, and TRY. Trading commenced punctually at 14:00 (UTC) and the platform is set to enable withdrawals for the digital asset on March 6, also at 14:00 (UTC).

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With the excitement surrounding this new digital commodity comes a note of caution from Binance, who has apprised potential investors of the coin’s susceptibility to heightened volatility, no small part due to its nascence. As a protective measure, Binance has fittingly slapped the Seed Tag on Dogwifhat, categorizing it as an innovative yet potentially erratic project, signaling investors to approach with informed caution.

In a move towards responsible trading, Binance demands that users wishing to trade WIF successfully pass a quiz every 90 days on their Spot and Margin trading platforms. The quiz is designed as a checkpoint for traders to assess their understanding of the risks inherent in trading newly listed and potentially volatile tokens.

Dogwifhat’s trajectory has been akin to a turbocharged parabola, with the memecoin earning a nod from mainstream media, including a mention on a Bloomberg broadcast that contemplated the resurgence of memecoins. The recognition comes on the heel of a recent 30% dip in Dogwifhat’s value over a week-long period. Yet, showing resilience and supported by investor enthusiasm, it bounded from the 196th position in market cap rankings, as per CoinGecko, to sit at the 64th slot within a fortnight.

Following the Binance listing announcement, the value of WIF rocketed from $1.51 to an all-time high of $1.90, translating into a swift 25.8% increase within an hour. This bullish run also witnessed a hike in market activity, with an 81.17% rise in trading volume over the last 24 hours, thereby reaching a staggering $657.2 million, based on data from CoinMarketCap.

At this junction, Dogwifhat experienced an 8.2% retraction from its peak price, now sporting a market capitalization of $1.7 billion, slightly down by 2.2% from the day before. Nonetheless, WIF stands proud as the fifth-largest memecoin by market cap, with its price hovering at $1.74, still marking a 2% gain over a 24-hour timeline.