Dogwifhat (WIF)’s value unexpectedly went through the roof, quickly hitting an all-time high of $41.85 on the prominent ByBit exchange. Right after ByBit said it would add Solana’s cryptocurrency to its spot market, the price went up very quickly and in a way that had never been seen before.
At first, the quick price increase was seen as an enormous shift. But now, folks think it’s a glitch in ByBit’s system.
This morning, ByBit said that Dogwifhat would be offered on its spot market. This was an important move forward for this new joke coin.
Dogwifhat’s Exchange Market Dominance
Being one of the first prominent sites to let people trade Solana’s meme coin through perpetual futures contracts made ByBit even more of a leader in trading meme coins.
This comes after giving the community hints in the past. Even though spot trade has been added, the market is still the first to accept meme coins as real funds.
The fact that WIF was added to ByBit’s spot market could lead other prominent companies in the industry, like Binance and Coinbase, to do the same. This means that the whole world of cryptocurrencies is becoming more open to Solana’s meme coin.
Since its start in late 2023, Dogwifhat has made a lot of trades and gained an important portion of the market. CoinMarketCap data shows that WIF is the 41st most valuable cryptocurrency by market value at the moment. It has a market cap of $2.7 billion and trades worth $285.87 million.
However, WIF’s price has now dropped to a more reasonable $2.69 on major spot markets like ByBit, following a short rise to unheard-of levels.
