Last year concluded with the return of meme coin frenzy, which was tied to the unstoppable rise of the Solana network, wrapping the crypto world in a wave of hype. This surge brought meme coins on the network to the forefront, with BONK leading the pack. However, the list did not stop with BONK, as WIF also took its share of the rise and continues to ascend.
Current Status of WIF
Despite BONK being the recent go-to Solana-based meme coin, dogwifhat (WIF) continues to catch investors’ attention with its notable structure. As of the time of writing, WIF is trading at a price of $0.26873.
According to data provided by CoinGecko, when looking at WIF’s 24-hour trading volume, it has surpassed Pepe (PEPE). During this period, dogwifhat’s trading volume reached $36.6 million, leaving behind Pepe, which had previously energized the market with its rise before BONK.
Dogecoin and Shiba Inu have long remained at the top of the meme coin hierarchy, but the landscape seems to be changing rapidly. While Dogecoin maintains its lead with a 24-hour volume of $657,577,938, Shiba Inu continues to follow with a volume of $130.4 million.
On the other hand, newer market entrants such as Bonk (BONK) and Memecoin (MEME) are closing in on their competitors with trading volumes of $51.2 million and $47.6 million, respectively. Until recently ranked lower, Dogwifhat has now surpassed Pepe, capturing the attention of the entire crypto world.
The Future of WIF Coin
It seems that the only thing developing for the dogwifhat meme coin isn’t just its trading volume. There also appears to be an increase in adoption by platforms where cryptocurrency trading takes place.
A recent announcement by Binance Futures of a perpetual contract with up to 50x leverage has increased the meme coin’s visibility and potential liquidity with the support of the largest exchange by volume.
Exchanges that have stood out for dogwifhat based on trading volume include decentralized (DeFi) and centralized exchanges like Raydium and Gate.io. This suggests that the coin is gaining recognition among both DeFi enthusiasts and traditional investors.
The growing recognition indicates a revival of interest in Solana-based meme coins. On-chain data reflects an increase in network activity first on Solana and consequently for tokens like dogwifhat, showing a clear rise in price before leveling off.
