Bitcoin’s recent price stabilization contrasts with the unpredictable movements of certain altcoins and meme coins, a common occurrence in the cryptocurrency market. One such meme coin, dogwifhat (WIF), has gained attention following its listing on the crypto exchange BitMEX for WIF/USDT perpetual swap contracts, leading to a significant 25% price increase shortly thereafter.
The meme coin’s value has surged by 330% over the past 30 days, according to CoinGecko, pushing its market capitalization close to $350 million. This growth has placed WIF among the notable coins in the market.
Despite Bitcoin’s lackluster performance, WIF’s rise has caught the eye of many in the crypto community, including BitMEX co-founder Arthur Hayes. BitMEX isn’t the only exchange supporting the meme coin; Bybit also announced the listing of a WIF/USDT perpetual contract with up to 25x leverage.
Previously, Bonk Inu (BONK) had gained prominence, contributing to Solana’s rise and paving the way for investor interest in other meme coins on the network. BONK’s exceptional performance in December positioned it as the third-largest meme coin by market value, behind Dogecoin (DOGE) and Shiba Inu (SHIB).
The involvement of major exchanges like Binance and Coinbase has been a supportive factor, with their large trading volumes enhancing the visibility and traction of meme coins in the market.