Solana’s Shiba Inu, Dogwifhat (WIF), Suddenly Skyrockets 25%: Key Reason

Dogwifhat (WIF), a meme coin based on the Solana (SOL) blockchain, has experienced a sudden surge of 30% in its price in the last 24 hours. WIF reached intraday highs of $0.2356, maintaining its rise from the previous day’s low of $0.17.

At the time of writing, WIF was up 30% in the last 24 hours to $0.233. The price increase coincides with positive sentiment in the crypto market, as Bitcoin and other major coins also saw gains.

Likewise, another possible reason might be the WIF listing on major crypto exchange Bitfinex.

Bitfinex announced the listing of WIF in a Feb. 7 X post. According to an official blog post, WIF deposits were opened at 4:00 p.m. UTC on Feb. 7, 2024. Trading of WIF commences on Feb. 8 at approximately 1:30 p.m. PM UTC. WIF will be available to trade with U.S. dollars (WIF/USD) and Tether tokens (WIF/USDt). Withdrawals are expected to open on Feb. 9 at approximately 1:30 p.m. UTC.

Deposits are open for 🐶🎩 dogwifhat $WIF!@dogwifcoin is the popular meme that’s vibing wif frens onchain!

Find out when trading starts:https://t.co/bxdT0bbDHm pic.twitter.com/iJTs2GRVE6

— Bitfinex (@bitfinex) February 7, 2024

The news was met with enthusiasm by the Dogwifhat community, with the official Dogwifhat X handle posting the milestone.

WIF debuted quietly in November before experiencing its first significant price rise in December. It rose even higher, reaching an all-time high of $0.481 last month before falling to a low of $0.17 on Feb. 7 before recovering.

WIF now has a market capitalization of $234 million, ranking it as the 198th largest cryptocurrency — and the seventh-largest meme coin overall. Trading volume in the last day exceeded $60 million.

Solana, the fifth largest cryptocurrency by market value, appears to be riding the WIF and the overall crypto market wave, jumping 10% to $104. SOL has recaptured the $100 level once again after the outage that worried traders on Monday turned out to be a local low, with FUD propelling the price rebound.

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