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WIF Rebounds on Binance Listing Plan as Other Meme Coins Run Out of Steam
Dogwifhat jumped by more than 25% after the crypto exchange said it will list the token.
Updated Mar 5, 2024, 12:07 p.m. Published Mar 5, 2024, 12:07 p.m.
- The dogwifhat token surged after crypto exchange Binance said it will list the token.
- Many other meme coins have lost ground following a frenetic weekend that saw several more than double in price.
- Bitcoin dominance rose from 51.8% to 52.3% on Tuesday after it surged towards $68,500.
Crypto exchange Binance said it will add dogwifhat (WIF) to its listings, lifting the Solana-based token's price back into the black for the day despite a sell-off in the wider meme-coin market.
WIF will be available to trade on Binance starting at 14:00 UTC on Tuesday, according to a blog post.
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The decision comes after a weekend of meme-coin mania that saw tokens like WIF, PEPE, FLOKI and SHIB post triple-digital gains.
WIF had been trading at $1.52 before the announcement, and the price quickly jumped by more than 25%. It was trading recently at $1.80, a 5.61% gain over the past 24 hours. FLOKI, in contrast, dropped by 5.1% and WEN, MAGA, BITCOIN and CUMMIES all fell by more than 10%. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, is up by 5.08% in the same period following bitcoin's surge to $68,500 on Monday.
A drop among altcoins and meme coins commonly occurs when bitcoin moves to the upside. Altcoin rallies typically take place when the bitcoin price trades within a specific range after making a high as traders take their profits before moving on to more speculative bets.
Bitcoin dominance rose from 51.8% to 52.3% on Tuesday, CoinMarketCap data shows.
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