dogwifhat looks to take on BONK, with memecoins dominating DEX trading volumes on Solana in recent weeks.
Solana-based memecoin, dogwifhat (WIF), surged to an all-time high of $0.49 earlier today after Binance announced that it would list perpetual futures for the asset.
WIF’s market capitalization has now surpassed $400M, putting it firmly in second place among Solana memecoins behind BONK, which commands a valuation of $1.2B at the time of writing.
At today’s intraday high, WIF briefly flipped PEPE, the memecoin that took Ethereum by storm last year.
It’s worth noting that WIF’s surge comes alongside the broader resurgence of the Solana (SOL) ecosystem. SOL is up 30% in the past 30 days and is trading around $100 for the first time since April 2022.
Launched in November 2023, WIF took off just before Christmas amid renewed investor interest in memecoins after BONK rallied 500% in a matter of weeks.
Indeed, WIF and BONK account for over $1B of trading volume in the last month on Jupiter, a leading Solana DEX.
Source: https://thedefiant.io/solana-memecoin-wif-hits-all-time-high-on-binance-listing