Dogwifhat On Fire With 125% Gains After ByBit Listing: 'WIF Is The Next BONK' Says Analyst

Dogwifhat WIF/USD rocketed 124.5% higher on news of ByBit, a cryptocurrency exchange, listing the token.

What Happened: ByBit announced that it would list the WIFUSDT Perpetual Contract with up to 25x leverage for trading. The listing is the meme coin's biggest exchange scalp thus far. Trading volume exploded higher, rising 445% to $187.9 million in the last 24 hours.

Dogwifhat surged on the news, with its market capitalization almost quadrupling to currently $243.3 million from $69.2 million on Jan. 8, 2024. This makes Dogwifhat the fifth-largest meme coin on the market. Binance and Coinbase could be the next possible exchanges to list the token.

Dogwifhat debuted in November 2023 and has a symbol of a Shiba Inu dog with a woven beanie. It gained popularity among eSports organizations and personalities, trending on the hashtags #dogwifhat and #dogwifhatgang.

Read Also: Solana Drops 9.9%, Solana Memecoins Tank Over 20%: Is This The End Of The Dogecoin Killers?

Why It Matters: Dogwifhat sharply outperformed Bonk BONK/USD, the other famous meme coin on Solana SOL/USD, which rose 14.8% over the last 24 hours. More established tokens such Dogecoin DOGE/USD, +7.6%;  and Shiba Inu SHIB/USD, +6.9% underperformed Dogwifhat.

Messari data on X showed that Dogwifhat daily unique holders have increased to more than 30,000 as of Jan. 4, 2024. The number of new daily traders and recurring traders has also been rising. The data shows that initial price movement in WIF was caused by whale entrants.

What's Next: Anonymous researcher and tech investor gumshoe shared someone's $8.8 million purchase of WIF on his X handle. The transaction was done in three separate transactions and is now equivalent to around $3.1 million, resulting in a current unrealized loss of $5.7 million. Reports have deemed this as a possible publicity stunt to increase interest in the token.

Read Next: Solana Winter Coming? Whale Traders Target This Range For 'Great Entries For The Long Run'

Photo: Dog with a hat (not Dogwifhat) via Shutterstock