Dogwifhat (WIF), the Solana meme coin that has steadily risen in popularity, hits an all-time high after the announcement of Binance listing its perpetual contract, it will also be listed on Kucoin.
After Solana (SOL) rallied in the last quarter of 2023, many meme coins in its ecosystem started showing strong price action.
Dogwifhat (WIF) Listing Further Ignites Insider Trading Speculations
On Thursday, at 14:15 UTC, Binance Futures will list the WIF perpetual contract. Moreover, the crypto exchange will enable traders to trade the meme coin with up to 50x leverage. Binance also announced that it would list the popular memecoin on its exchange today.
Read more: What are Perpetual Futures Contracts in Cryptocurrency?
Due to the announcement of the WIF’s listing on Binance and Kucoin, the token has hit an all-time high at $0.5317. However, as of writing, it is trading at $0.4363, up by 20% in the past 24 hours.
Since around December, WIF has been one of the favorite meme coins of degen whales. Many stories have been circulating about how some whales made fat profits through trading WIF. For instance, on December 18, BeInCrypto reported that a trader made $1.47 million in five days through WIF trading.
However, a particular whale activity has caught the crypto community’s attention. Earlier this month, a Solana wallet with the tag “binance-insider” purchased 17.22 million WIF for $8.65 million.
At that time, the community wondered if the whale hinted towards a Binance listing. However, as WIF finally got listed on Binance futures, it has further fueled the speculation of insider trading
Additionally, 16 hours before the announcement, another fresh wallet spent $1 million to purchase 2.68 million WIF.
“16 hours after his purchase, #Binance announced the launch of the $WIF perpetual!
Is this a coincidence?,” questioned Lookonchain.
Future Course of Price-Action?
That being said, the listing announcement has also sparked anticipation for future price action. The screenshot below shows that the price of WIF is trading in a channel. As of writing, it is testing the resistance of the channel’s upper trendline.
If the price gets rejected, it might retest the support of the channel’s lower trendline, around $0.3353.
Read more: 13 Best Altcoins To Invest In January 2024
The community members have compared the WIF listing announcement on Binance futures to the Bonk futures listing.
“If We See Past History, After Binance Bonk Futures Were Listed, Bonk Went Sideways For 11 Days And Then Did A 7x
That Would Put $WIF At $2.75 For Comparison,” said @Crypto_Achilles.
However, Dogwifhat is a meme coin that does not serve a strong utility. It’s well-known that meme coins are subject to extreme risk and market volatility.