Solana-Based Shiba Inu Rival 'Dogwifhat' Rockets 35% As Binance Introduces WIF Futures Contract

Meme coin Dogwifhat (CRYPTO: WIF), part of the Solana (CRYPTO: SOL) blockchain, experienced a 35% increase in its value within the last 24 hours, surpassing performance compared to top meme cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

What happened: At the time of writing, WIF was trading at $0.45, while SHIB and DOGE were up 1-2% in the last 24 hours.

The surge in Dogwifhat comes after Binance’s announcement on their blog stating, “Binance Futures will launch the USDⓈ-M WIF Perpetual Contract at 2024-01-18 14:15 (UTC), with up to 50x leverage." This new futures contract offering appears to have sparked significant interest in the token.

Trading activity for the meme coin has risen sharply, with volumes hitting $133 million, marking a 72% increase from the previous day. Dogwifhat now holds a market capitalization exceeding $454 million.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Following the path of BONK (CRYPTO: BONK), another Shiba Inu-inspired Solana token that saw a meteoric rise, Dogwifhat is generating buzz with a simple yet catchy twist to its image—adding a hat to the dog motif.

Last week, an anonymous trader RockeFeller.eth on X by converting an initial investment of $5,000 into $1.8 million within a mere month, capitalizing on the Solana-based memecoin, Dogwifhat.

Image via Shutterstock

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