WIF memecoin surges over 25% following Binance listing announcement
The cryptocurrency market remains an unpredictable playground, especially for meme-inspired tokens that can see their value violently fluctuate on simple announcements. Recently, the Dogwifhat (WIF) token experienced a significant rise of over 25% following the announcement by Binance, one of the world’s largest cryptocurrency exchange platforms, that it intends to list the token.
The hat stays on for WIF
Dogwifhat, initially trading at $1.52 before the announcement, quickly climbed, surpassing even $1.90. This performance is especially remarkable as the memecoin market generally experienced a correction after a weekend of euphoria, where several tokens saw their prices more than double.
The memecoin weekend fever subsides?
While tokens like WIF, BONK, PEPE, FLOKI, and SHIB all recorded triple-digit gains over the weekend, most of them lost ground afterwards. FLOKI, for example, dropped 5%, while other tokens like WEN or MAGA all experienced drops of over 10%. This downward trend among altcoins and memecoins is common when Bitcoin experiences a rise, currently approaching its ATH.
Bitcoin dominance regains ground
Bitcoin’s dominance increased from 51.8% to 52.3% on Tuesday, following a rise above $68,500. This dynamic often confirms Bitcoin’s safe haven role in the crypto landscape, particularly during periods of altcoin and memecoin corrections. Altcoin rallies tend to occur when the price of Bitcoin stabilizes after reaching a peak, with traders reaping profits before turning to more speculative bets.
