In the world of cryptocurrencies, Bitcoin’s price has recently shown signs of stabilization after a sudden rise and an inevitable fall. During such periods of Bitcoin’s stability, it is common to witness certain altcoins and meme coins diverging from Bitcoin’s path and making unexpected moves. A similar development has been observed with one of the new meme coins on the Solana network.
Will WIF Coin Rise?
Recently gaining more attention, the meme coin dogwifhat (WIF) on the Solana network delighted its investors with an approximate 25% increase shortly after the cryptocurrency exchange BitMEX decided to list the WIF/USDT perpetual swap contract. The listing was announced as follows:
WIF/USDT is a linear perpetual swap margined in USDT. This allows users to trade with leverage without the need to hold WIF tokens or be exposed to the price of WIF.
Looking at the meme coin, it is observed that its value has increased by 330% over the last 30 days according to CoinGecko data, and its market value has approached the level of 350 million dollars, which has also placed it on the list of recent notable cryptocurrencies.
Market Support for Meme Coin
Despite Bitcoin’s stagnant nature, the rise of WIF has caught the attention of many cryptocurrency followers, including BitMEX co-founder Arthur Hayes. Last month, he drew all eyes to himself by jokingly posting a photo on Twitter wearing a hat.
BitMEX was not the only exchange to declare support for the meme coin. Bybit also announced on January 11 that it had listed the WIF/USDT perpetual contract with up to 25x leverage.
In recent months, the name Bonk Inu (BONK) had come to the forefront. BONK, which contributed to the rise of Solana, later paved the way for investors to turn to other meme coins on the network.
Following its incredible performance in December, it had reached the position of the third-largest meme coin by market value, right behind Dogecoin (DOGE) and Shiba Inu (SHIB).
It is also important to remember that major exchanges have been a supporting factor in this situation. The interaction provided by Binance and Coinbase, proportional to the size of their trading volume, has helped the meme coin become more prominently visible.
