Solana-based memecoin Dogwifhat (WIF) soared over 18% following Binance’s announcement that it would list the token for spot trading. In a tweet on Tuesday, the leading crypto exchange stated that the memecoin would trade live by 14.00 UTC.
Binance noted it will list WIF with a “Seed” tag. Tokens listed with a seed tag signify that Binance considers them more volatile than other crypto assets.
Upon the announcement, WIF soared over 18% from $1.5 to as high as $1.97 before giving out most of its gain. At press time, the dog-themed memecoin is trading at $1.68.
The Hat Stays On
Unlike most memecoins, the Solana-based token has stayed on in the crypto sector. The dog-with-a-hat token has been on a fast-paced bullish run since its market debut in December, moving over 900% from $0.17 to $1.67.
WIF has maintained relevance amidst the numerous memecoins that debuted following last year’s meme season when activities on the Solana network were mouthwatering. Only the token and BONK made it to top exchanges like Binance and Coinbase.
Preinformation?
The Binance listing was foreseen by a wallet named “binance insider.sol,” who made a big money bet on the token on January 11. On-chain data showed the wallet made an outright purchase of WIF with 86,738 SOL ($8 million) and lost about $11 million to slippage fees.
With the WIF Binance futures listing seven days after the transaction and the present spot trading news, the wallet might really be a Binance insider, as it claims. The wallet’s WIF bag is currently worth over $26 million.
