Solana-Based Shiba Inu Rival 'Dogwifhat' Rockets 35% As Binance Introduces WIF Futures Contract
Portfolio Pulse from Mehab Qureshi
The meme coin Dogwifhat (WIF), which operates on the Solana (SOL) blockchain, saw a 35% increase in value after Binance announced the launch of a USDⓈ-M WIF Perpetual Contract with up to 50x leverage. The announcement led to a surge in trading volume for WIF, with a 72% increase from the previous day, and a market capitalization now exceeding $454 million. This follows a trend of meme coins on Solana gaining popularity, as seen with BONK's previous rise.
January 18, 2024 | 9:01 am
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POSITIVE IMPACT
Solana's ecosystem benefits from the increased activity and interest in its meme coins, such as Dogwifhat, which could lead to a positive short-term impact on SOL's price.
The surge in Dogwifhat, which is part of the Solana blockchain, indicates increased interest and activity in the Solana ecosystem. This could lead to more transactions and potentially more demand for SOL, positively impacting its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80