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Solana's Shiba Inu, Dogwifhat (WIF), Suddenly Skyrockets 25%: Key Reason

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Thu, 8/02/2024 - 16:50
Solana's Shiba Inu, Dogwifhat (WIF), Suddenly Skyrockets 25%: Key Reason
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Dogwifhat (WIF), a meme coin based on the Solana (SOL) blockchain, has experienced a sudden surge of 30% in its price in the last 24 hours. WIF reached intraday highs of $0.2356, maintaining its rise from the previous day's low of $0.17.  

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At the time of writing, WIF was up 30% in the last 24 hours to $0.233. The price increase coincides with positive sentiment in the crypto market, as Bitcoin and other major coins also saw gains.

TradingView
WIF/USD Daily Chart, Courtesy: TradingView

Likewise, another possible reason might be the WIF listing on major crypto exchange Bitfinex.

Bitfinex announced the listing of WIF in a Feb. 7 X post. According to an official blog post, WIF deposits were opened at 4:00 p.m. UTC on Feb. 7, 2024. Trading of WIF commences on Feb. 8 at approximately 1:30 p.m. PM UTC. WIF will be available to trade with U.S. dollars (WIF/USD) and Tether tokens (WIF/USDt). Withdrawals are expected to open on Feb. 9 at approximately 1:30 p.m. UTC.

The news was met with enthusiasm by the Dogwifhat community, with the official Dogwifhat X handle posting the milestone.

WIF debuted quietly in November before experiencing its first significant price rise in December. It rose even higher, reaching an all-time high of $0.481 last month before falling to a low of $0.17 on Feb. 7 before recovering.

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How Massive Whales Made 770 ETH on Ethereum's Dogwifhat (WIF) Before Price Plunged

WIF now has a market capitalization of $234 million, ranking it as the 198th largest cryptocurrency — and the seventh-largest meme coin overall. Trading volume in the last day exceeded $60 million.

Solana, the fifth largest cryptocurrency by market value, appears to be riding the WIF and the overall crypto market wave, jumping 10% to $104. SOL has recaptured the $100 level once again after the outage that worried traders on Monday turned out to be a local low, with FUD propelling the price rebound.

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