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The Dogwifhat price surged over 13% in the last 24 hours to trade at $1.85 as of 7:45 a.m. EST as investors scramble to purchase the meme coin.
#Binance will list @dogwifcoin $WIF with Seed Tag Applied.
➡️ https://t.co/zlKeAgCLO6 pic.twitter.com/76nuDTbsAO
— Binance (@binance) March 5, 2024
The price pump by the Solana meme coin follows an announcement by Binance that it will list WIF on its platform. In an X post today, the leading crypto exchange announced that it has added several trading pairs for Dogwifhat to its spot market. These trading pairs include BTC, USDT, FDUSD and TRY.
The Dogwifhat Price Escapes Consolidation
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price was able to break out of a short-term consolidation channel between $1.29825 and $1.78722 over the past 8 hours. It also managed to overcome a negative trend line that has formed on its 4-hour chart in the last 24 hours. Should the meme coin close a 4-hour candle above the $1.78722 mark, it may have the foundation needed to continue rising in the following 48 hours.
This bullish thesis could be invalidated if the Dogwifhat price fails to close a 4-hour candle above $1.78722 within the next 24 hours. In this alternative scenario, the meme coin may retrace back within the aforementioned consolidation channel to potentially test the $1.29825 support level as well. Continued sell pressure could then expose the crypto to the risk of correcting to the subsequent support level at $0.76855 in the short term.
The Dogwifhat Price May Keep Rising As Technicals Flag Bullish
Technical indicators on WIF’s 4-hour chart suggest the Dogwifhat price may continue to rise in the upcoming days. More specifically, the Moving Average Convergence Divergence (MACD) is on the verge of triggering a major bullish technical flag. The MACD line is attempting to cross above the MACD Signal line. This potential intersection is generally identified as a buy signal by traders as it indicates that a crypto has entered into a bullish cycle.
The Relative Strength Index (RSI) line is also rising towards its Simple Moving Average (SMA) line on the 4-hour chart. It already attempted to break above the SMA line in the last 8 hours, but was rejected. Despite this, investors will want to keep an eye out for a possible cross between these two lines, as the rising RSI line suggests that buyers have grown stronger against sellers. Although the SMA is positioned above the RSI, signaling that bears are still dominant, the gap between the RSI and SMA lines has narrowed significantly. This has opened up an opportunity for bulls to take control and potentially drive the Dogwifhat price higher if they choose to seize the moment.
While the Dogwifhat price gets ready to potentially skyrocket in the coming days, investors are asking whether its Solana meme coin competitor Smog may be next in line to score a Binance listing.
Smog Hits Three New Milestones
Smog is the latest meme coin to enter the burgeoning Solana meme coin space. Over the past few days, the dragon-themed crypto soared to a new all-time high price above $0.127 as it progressed another decimal point.
The number of Smog holders also spiked from 32k on Mar. 1 to more than 43k just 48 hours later. Jupiter, the decentralized exchange, added Smog to its strict list as well. This means that it has been vetted as a core token offering by the platform’s development team, adding a layer of validity to the young meme coin.
The hype surrounding Solana meme coins has propelled prior coins such as Bonk, Myro and Dogwifhat to meme coin fame.
With the announcement that Binance has opened up trading for WIF on its platform, and Bonk already featuring on the exchange, Smog may be the next SOL meme to get added to Binance’s expansive list of crypto trading options.
The token’s strong performance since its launch has many investors excited at the prospects of Smog joining the crypto elites on Binance.
Potential To Experience The Binance Effect
Not only does a Binance listing open up a crypto to a much wider pool of investors, a listing on the platform has also led to substantial price gains for many altcoins in the past. Crypto investor Ren & Heinrich performed an analysis on Jan. 4, 2023 on the impact a Binance listing has on an altcoin’s price.
🐲 #Dragons, complete your daily #Airdrop quests on #Zealy! 🚁
More quests = higher leaderboard rank! 📊
Don't wait, join the biggest #Sol airdrop ever! 🪂 https://t.co/3EQxvQwsw3
— SMOG (@SMOGToken) February 22, 2024
The findings were that newly-listed cryptos soared more than 73% within the first 30 days. The altcoins also saw their prices skyrocket 41% in just the first day.
And that was before spot Bitcoin ETFs (exchange-traded funds) opened the crypto market up to the mainstream financial sector.
With Smog rumored to be announcing new listings on top exchanges soon, it could be set for more explosive gains imminently.
SMOG can be purchased here.
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