Solana’s Top Meme Coin Soars by 15% Following Support From Coinbase: Details

TL;DR

• The meme coin dogwifhat (WIF) surged by 15% following Coinbase’s announcement to add WIF perpetual contracts.
• Other assets of that type like Cat in a Dogs World (MEW), Dogecoin (DOGE), and Shiba Inu (SHIB) also saw notable gains amidst overall market recovery.

WIF Stands Among the Best Performers

The cryptocurrency market experienced severe volatility in the past several days. Most leading digital assets started recovering yesterday (April 18) before plunging substantially following the reports that Israel carried out drone and missile attacks on Iran. Bitcoin (BTC), for one, tumbled below the $60,000 mark for the first time in almost two months.

However, the adverse trend was short-lived, with the crypto market being well in the green zone today (April 19). One of the best performers is the biggest meme coin built on the Solana blockchain – dogwifhat (WIF) – which spiked by approximately 15% on a 24-hour scale.

Its impressive rally followed Coinbase’s decision to add WIF perpetual contracts on Coinbase International Exchange and Coinbase Advanced. “The opening of our WIF-PERP will begin on or after 9:30 am UTC on 25 APR 2024,” the company clarified.

The resurgence of the meme coin also coincides with a Solana price jump. SOL is up 11% daily, surpassing the gains recorded by Bitcoin (BTC) and Ethereum (ETH).

Overall Meme Coin Revival

Dogwifhat is not the only token of its type that has witnessed a significant price increase today. The leaders in terms of market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – are up 6% and 5%, respectively.

Cat in a Dogs World (MEW) has surged by 17%, while Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) are also among the notable gainers.

While the meme coin sector appears to have gained momentum once again, traders should be cautious when entering the ecosystem due to its infamous volatility and the risks of crucial losses. Please check our dedicated video to secure yourself from some common mistakes related to the matter: