Binance Lists Dogwifhat (WIF): Price Impact

Binance, the leading cryptocurrency exchange, has announced the upcoming listing of Dogwifhat (WIF).

This Solana-based meme coin has captured the attention of the crypto community following a 2,750% price increase since inception. 

Binance Lists Dogwifhat (WIF)

Starting from March 5, 2024, at 14:00 (UTC), Binance will enable trading for WIF across multiple spot trading pairs, including WIF/BTC, WIF/USDT, WIF/FDUSD, and WIF/TRY. This significant move allows users to deposit WIF in anticipation of trading, with withdrawals slated to open on March 6, 2024.

Dogwifhat (WIF) embodies the playful spirit of the crypto market, represented by a dog wearing a hat. Originating on the Solana blockchain, WIF has quickly become a symbol of cryptocurrency tokens’ innovative and sometimes whimsical nature. 

With a listing fee of 0 BNB, Binance highlights its commitment to supporting emerging tokens like WIF.

However, investors need to approach WIF with caution. The token has been designated with the Seed Tag, indicating it as an innovative project that may exhibit higher volatility and risks compared to other listed tokens. To ensure community members are well-informed about the risks, Binance has implemented mandatory quizzes every 90 days for users wishing to trade Seed Tag tokens.

The anticipation surrounding WIF’s listing has already had a noticeable impact on its price. Following Binance’s announcement, Dogwifhat’s value surged nearly 28%, climbing from a low of $1.47 to an intraday high of $1.88. This price movement reflects the community’s excitement and the perceived endorsement from a major exchange like Binance.

Pika, a pseudonymous crypto trader, made $940,000 with an initial capital of a mere $400 through WIF.

“I sold the last of 2.08 million WIF. It was an amazing journey with Dogwifhat from a sub $200,000 market cap to $1.9 billion and Binance spot listing. It was a dream trade. Shall continue to support the community and trade on CEX on this coin now,” Pika said.

However, traders should be wary of potential volatility. The Tom DeMark Sequential indicator has flashed a sell signal on the WIF daily chart, suggesting a possible brief correction. Historical data indicates that following such signals, WIF’s price experienced significant drops, ranging from 33% to 54%.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Although the listing of Dogwifhat on Binance marks an exciting development in the crypto space, investors interested in WIF must conduct thorough research, understand the fundamentals of the token, and exercise prudent risk management to navigate the expected volatility.