WIF Jumps 9% After Bitget Listing, Market Cap Now Over $350 Million
Solana memecoin Dogwifhat has been listed on Bitget, causing the token to rise by 9%. WIF now has a market cap of over $350 million and has risen more than 100% this year.
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If you think the memecoin season is over on Solana, you're wrong. Several memecoins on the network surged in value over the last 24 hours after crypto exchange Bitget announced the Dogwifhat (WIF) listing.
WIF is one of the most popular memecoins on the Solana ecosystem and has the second largest market cap after BONK. With the announcement of its listing, the token jumped more than 8% in the past 24 hours.
Bitget disclosed that it would list WIF for trading on January 24, with withdrawal available from January 25. The exchange is listing the coin in its Innovation and Meme zone.
This category is mostly for trending tokens, and any coin listed in this zone must meet several criteria including market depth for a 60-day valuation period. Any token that does not meet the criteria gets delisted.
The listing comes at a perfect time for WIF, which has been struggling for the past week. Per CoinMarketCap data, the memecoin is down almost 20% in seven days. It is now trading at $0.3499.
Despite its recent gains, WIF is still down from its all-time high of $0.46 on January 18 when Binance listed WIF perpetual contracts.
$350 Million Market Cap and Counting
Due to its recent price performance, WIF now has a market cap of $352 million. WIF has enjoyed a good run, unlike several major cryptocurrencies that have struggled since 2024. The memecoin is up 105% year-to-date.
There is still room for growth for the memecoin as major exchanges such as Binance and Coinbase are yet to list it for spot trading.
Memecoins Flourish on Solana
The memecoin ecosystem on Solana has continued to grow despite SOL's price struggles. In the past 24 hours, there have been over 3.2 million transactions across Solana Dexes, and the total volume is around $400 million.
Most of the volume comes from memecoins like Gonke, Ponki, Reddit, OnlyFans, etc. These coins have seen insane growth over the last 24 hours. However, they are mostly new projects with limited social media presence, low liquidity, and small market cap. These make them very susceptible to rug pulls and very risky for anyone to buy.
Meanwhile, Solana's biggest memecoin BONK, did not react positively to the WIF listing. BONK fell 3% in 24 hours and is now down 18.77% in one week. The memecoin, which single-handedly boosted Solana trading activity, has fallen on hard times recently. It is down 30% so far this year.
However, SOL is enjoying a rebound after declining for several days. The cryptocurrency is currently worth $87 on CoinMarketCap, up from the $79 bottom on January 23.
