Binance announces listing of Dogwifhat (WIF), a meme coin on Solana blockchain, with high volatility. Spot trading enabled for WIF/BTC, WIF/USDT, WIF/FDUSD, and WIF/TRY pairs.
Binance made waves with its recent announcement of the highly awaited addition of Dogwifhat (WIF) to its trading platform, a meme coin native to the Solana blockchain that has captured the fascination of the cryptocurrency community.
Commencing from March 5, 2024, at 14:00 (UTC), Binance will activate spot trading for WIF across several trading pairs, including WIF/BTC, WIF/USDT, WIF/FDUSD, and WIF/TRY. Noteworthy, however, is the classification of this listing with a “Seed Tag,” indicating Binance's acknowledgment of WIF's elevated volatility and risk compared to its counterparts.
“WIF is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility,” Binance said in its announcement.
The token's identity is embodied by a canine adorned with a knit hat, launched initially on the Solana blockchain. Despite its genesis rooted in internet culture, WIF has managed to seize substantial attention from investors, witnessing an extraordinary 2,750% surge in price since its inception.
Binance has waived all fees associated with the token, setting them at 0 BNB. Nevertheless, owing to its Seed Tag, Binance will periodically review the project's status to determine if the tag remains warranted or if delisting is warranted.
The revelation of its impending listing has propelled WIF's price by 28%, soaring to an intraday peak of $1.88 from $1.47. CoinGecko data reveals that the token now commands a market capitalization of $1.85 billion, with an average daily trading volume of $373 million. Over the preceding 30 days, WIF has skyrocketed by 740.8%. The TD Sequential indicator suggests a potential temporary correction for the token, citing historical data showing downturns ranging between 33% to 54%.