Binance, the world’s largest cryptocurrency broker, listed a new memecoin on its platform on Thursday (18). The project, called Dogwifhat (WIF), uses the Solana (SOL) network and has a market value of $420 million.
Memecoin is small compared to giants. While Dogecoin (DOGE) has a market value of $11.4 billion and Shiba Inu (SHIB) is worth about $5.5 billion.
However, Dogwifhat (WIF) is already closing in on Pepe (PEPE), which at the time of writing has a market cap of $494 million, and has even surpassed Floki (FLOKI) with its $287 million.
Memecoin’s listing on Binance shows the interest of brokers in the Solana network
The listing of Dogwifhat (WIF) by Binance was announced in the early hours of Thursday (18). According to an official statement, memecoin will initially only be available on the futures market, where it can be traded with up to 50 times leverage.
There is little to say about WIF. It’s another dog-inspired memecoin. On the official website of the project, some photos and videos of a dog with a cap on its head appear, from which the name of the cryptocurrency arose. The project has shown an increase of 11.7% in the last 24 hours.
Either way, the WIF listing could be a sign that Binance is interested in Solana tokens. Last month, the broker listed Bonk (BONK), another memecoin that also uses SOL.
The interest in these tokens may be related to Solana’s stellar performance over the past year. Going from $10 after FTX’s bankruptcy, SOL multiplied its value 10 times, reaching $100 per unit. Its rise has made it the fifth largest cryptocurrency on the market.
Binance announces two new coins on Launchpool
Because a broker does not live only from memecoins, Binance has also announced two cryptocurrencies in its program called Launchpool. The first of these was Manta Network (MANTA), which started trading on Thursday (18).
The second was AltLayer (ALT). Although trading doesn’t start until next Thursday (25), Binance customers can do so now “Agriculture” this currency via Launchpool when staking Binance Coin (BNB) or the FDUSD stablecoin. The same can be done with the BLANKET.
Finally, the cryptocurrency market seems to have started the year on an excited note, even as Bitcoin experienced a slight price correction following the approval of ETFs in the US.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
