dogwifhat Price Prediction – What Factors Contributed to $WIF Reaching Its All-Time High?

Solana-based meme coin $WIF recently reached its record-breaking highs, and we will find out the reasons behind this surge.

After major cryptocurrency exchanges listed dogwifhat (WIF), it experienced a surge to an all-time high. $WIF’s market cap surpassed $450 million, nearing the top 100 cryptocurrencies.

$WIF is the second meme coin on the Solana Network to gain attention during its strong performance that started last year. Meme coin BONK became popular after being listed on Coinbase and Binance in December. Will $WIF go through a similar experience as BONK?

Binance Futures now supports meme coin dogwifhat (WIF)

Following Bonk’s lead, there was a new player in the crypto world: dogwifhat (WIF). This Solana meme coin gained popularity steadily and reached an all-time high after the announcement that Binance would list its perpetual contract. KuCoin is also listing the coin simultaneously.

On January 18, Binance Futures revealed the launch of a perpetual contract for dogwifhat with leverage of up to 50x. Trading commenced on January 18 at 14:15 UTC.

The company mentioned the possibility of occasional adjustments to the WIF/USDT perpetual contract specifications. These adjustments might include changes to the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements.

In response to this news, the $WIF rate increased by 18%, but now the coin’s price is $0.30, experiencing a 11% decrease. At its highest point, the token’s price surged by 24% to $0.48. Trading volumes spiked by 84% after the announcement, reaching $148 million initially and then stabilizing at $44 million today.

Market capitalization increased by 17.6% to $435 million but settled at $309 million. This recent surge positioned $WIF as one of the standout performers among the meme coins that debuted in December 2023. In the past week alone, the virtual asset saw a 7% increase, with an impressive 30% surge over the last 30 days.

dogwifhat surge over 100% on whale bet

dogwifhat has recently caught the attention of many investors as the token surged by more than 100% in just under a month. The journey to the top began when a big investor spent $9 million worth of SOL to get $WIF ten days ago.

The investor, who had a “Binance Insider” name on their address, sparked speculation that Binance might list $WIF. The whale’s move triggered a buying spree on $WIF, leading to a 50% increase in the token’s value within 24 hours.

$WIF is currently available on major exchanges like Bybit Futures, Crypto.com, and MEXC Global. Bybit, similar to Binance, introduced the USD-M perpetual contract for the dog-themed token on January 11, the same day the whale spent $9 million to acquire the memecoin.

BitMEX listing ignites positive surge in $WIF price

Earlier this week, the major cryptocurrency exchange BitMEX actively joined the fray by listing the perpetual swap contract WIF/USDT, resulting in a significant 17% increase in market value for dogwifhat (WIF), rising from $0.25 to a peak of $0.34.

The main reason behind this increase seems to be BitMEX revealing an upcoming perpetual contract for $WIF, offering the option of up to 10x leverage.

BitMEX, acknowledged for its impact in the crypto world with a reported $434.9 million turnover in futures trading volume over the past week, according to CoinGlass, and endorsed by key figure Arthur Hayes, has played a role in sparking greater interest and investment in $WIF.

While the gains in the market are both immediate and significant, the listing on BitMEX has broader implications for dogwifhat. Success on this major exchange could act as a stepping stone, drawing attention from larger platforms such as Binance and Coinbase. Visit our guide to the best altcoins to buy now for 2023 here.

dogwifhat price prediction

Entering the market in early December, dogwifhat (WIF) quickly followed the success of its older sibling, Bonk, becoming Solana’s second meme token with a market cap surpassing $100 million. However, similar to Bonk, despite a more than 30% rally on Tuesday, January 9, $WIF’s market value remains lower than its earlier peak.

$WIF is experiencing a significant surge in trading and usage. This mix of excitement could potentially push dogwifhat towards $1, placing it in the league of crypto unicorns. To achieve this, it would be beneficial if the dogwifhat price stays above the resistance zone of $0.35-$0.38.

According to some experts, there might be a slight decrease of 2% in the coming month, reaching $0.346 by February 18th. However, they anticipate a gain of 21% in the next six months, projecting a value of $0.410 by July 17th. On a more optimistic note, other predictions suggest dogwifhat could reach $1.39 next year.

Conclusion

Investors are once again showing interest in the crypto markets, aiming to benefit from the expected bull run in 2024. Notably, individuals who profited from the recent 278% surge in the meme token dogwifhat (WIF) are now transferring their funds into a new AI crypto initial coin offering (ICO) known as Launchpad XYZ.

The ICO for Launchpad XYZ’s LPX token has already gathered $2.5 million, reflecting considerable excitement for the AI-powered trading and analytics tools offered by Launchpad. To take part in the presale visit launchpad.xyz.

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