Binance Embraces Memecoin Movement With Dogwifhat ($WIF) Listing

Hat stays on, as they say.

Leading cryptocurrency exchange Binance is set to list Dogwifhat (WIF), a popular Solana memecoin, in a move that reflects the growing market volume and influence of meme-driven tokens this cycle.

The listing, scheduled for today (March 5), at 9. a.m. EST, introduces four new trading pairs: WIF/BTC, WIF/USDT, WIF/FDUSD, and WIF/TRY. The move allows users to deposit WIF in preparation for trading, with withdrawals slated to commence on March 6, at 9 a.m. EST. Given the traction that the memecoin is currently seeing, Binance has announced that it will not charge a listing fee for WIF.

WIF has emerged as one of the top memecoins on Solana and is up more than 236% over the past week. Currently sitting at a $1.86 price point and a $1.86 billion market cap, WIF has seen nearly $600 million in trading volume over the past 24 hours. The memecoin rallied more than 10% in the past 24 hours on the news of Binance’s listing.

WIF holders are known for being active on X, so it’s no surprise that many took to the platform to celebrate the announcement as overdue. Popular cryptocurrency trader Ansem hailed the listing after noting that WIF was “doing the most onchain volume out of every single altcoin” besides ETH, BNB and stablecoins like USDT and USDC.

Cryptocurrency trader and Rekt Guy co-founder OSF had also questioned the absence of a major exchange listing on March 3, saying “it’s madness to me that we still don’t have any t1 exchange listings for the biggest memecoin on Solana so looking towards that to take more profits, then ride a moonbag in case we get a DOGE/SHIB.”

“The WIF story is magical,” said crypto trader GumShoe. “Wasn’t a holder but saw it from the beginning and it gave a masterclass on how to build a cult.”

By applying its cautionary Seed Tag to WIF, Binance has designated the token as bearing a higher-than-average risk profile and potential for increased volatility. This label is reserved for left-field projects that, while promising, carry significant uncertainties. Consequently, traders interested in tokens carrying the Seed Tag must complete specific quizzes biannually to gain trading access, an attempt by Binance to promote informed trading and risk awareness.

Based on a 2019 photo of a Shiba Inu wearing a knitted hat, Dogwifhat stands out as a memecoin that marries the whimsicality of viral memetics with the speculative fervor inherent to memecoins this cycle. Tapping into the collective enthusiasm for Solana-based memecoins due to their low fees, WIF is reminiscent of previous “dogcoins” Dogecoin and Shiba Inu, which have previously captivated the crypto space with parabolic rises.

The exchange cautions potential traders about WIF’s novelty and inherent risk factors, advocating for diligent research and risk management strategies. The listing promises to bolster Dogwifhat’s visibility and liquidity, potentially drawing a broader investor base to the token. However, the venture into trading newly listed tokens, especially those marked with the Seed Tag, requires a calculated approach aligned with one’s investment philosophy and risk tolerance.

Binance’s choice to include Dogwifhat in its trading platform is indicative of a broader industry trend that sees the market volume and cultural value in the light-hearted, community-driven nature of such tokens. This trend was recently recognized on-air by Bloomberg, whose on-camera hosts hailed the resurgence of memecoin interest under the banner, “Era of the Memecoin is Back.”

Editor’s note: This article was written by a nft now staff member in collaboration with OpenAI’s GPT-4.

The post Binance Embraces Memecoin Movement With Dogwifhat ($WIF) Listing appeared first on nft now.

Source link