Binance Listing Propels Solana's Memecoin WIF to Soar by 250%

• Solana-Based Memecoins: A New Challenge to the Memecoin Crown
• Impact of Binance Listing and WIF's Recent Rally
• Can Solana-Based Memecoins Surpass SHIB and DOGE?
• Comparison in Market Position
• The Advantage of DOGE and SHIB

Solana-Based Memecoins: A New Challenge to the Memecoin Crown

The Solana$104 5.03% (SOL) network has produced a series of memecoins that are steadily gaining attention in the cryptocurrency world. Memecoins such as BONK and Dogwifhat (WIF) have begun to make waves, the latter having launched in November 2023. The interest in these Solana-based memecoins grew as SOL prices started to soar in late 2023. WIF has become the latest token to captivate public interest. The memecoin has seen a staggering increase of over 20% in the last day, over 120% in the past week, and more than 250% in the previous fortnight. Since December 2023, the token's value has surged by over 152%.

Impact of Binance Listing and WIF's Recent Rally

The recent rally of WIF could be attributed to its listing on Binance, the world's biggest cryptocurrency exchange by volume. The market cap of WIF has surpassed $440 million, and the 24-hour trade volume has exceeded $81 million.

Can Solana-Based Memecoins Surpass SHIB and DOGE?

Shiba Inu$0.000010 -2.05% (SHIB) and Dogecoin$0.091 -0.42% (DOGE) are currently the most prominent memecoin projects. However, the emergence of BONK and WIF has raised questions about the continued dominance of SHIB and DOGE. Despite the rising popularity of these SOL-based memecoins, it might still take some time for them to rival SHIB and DOGE.

Comparison in Market Position

SHIB and DOGE rank among the top 20 largest cryptocurrencies by market cap. In contrast, BONK sits at the 90th position while WIF ranks at 144. This shows the considerable gap that the Solana-based memecoins need to bridge to match up to the SHIB and DOGE.

The Advantage of DOGE and SHIB

DOGE has the distinct advantage of being the first memecoin, having been launched in 2013. SHIB is considered DOGE's main competitor. Both dog-themed cryptocurrencies have built large and loyal communities. For instance, the SHIB Army, a group of SHIB enthusiasts, is a recognized force in the cryptocurrency space, often achieving common objectives like ensuring the listing of their favored token on exchanges.

Edited by Jonathan Stoker