The notable increase in the price of Dogwifhat (WIF), a memecoin based on the Solana network, is due to a combination of factors that have generated a strong bullish momentum in the market. Below are the main reasons behind this phenomenon:
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📈 1. Momentum from the Solana Ecosystem and ETF Proposals
The submission of applications for spot ETFs for Solana by companies such as VanEck and 21Shares has revitalized interest in the Solana ecosystem. This enthusiasm has benefited associated tokens, such as WIF, which have experienced significant increases in their value.
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🧢 2. Viral Campaigns and Community Engagement
The Dogwifhat community has carried out viral campaigns, such as projecting the meme in the Las Vegas sphere, which has increased the visibility and appeal of the token. These initiatives have contributed to an 80% increase in its price.
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🧠 3. Backing from Influencers and Strategic Purchases
The acquisition of the original Dogwifhat meme by influential trader GCR for 1,210 ETH (approximately 4 million dollars) has generated a 10% increase in the price of WIF, highlighting the influence of prominent figures in the market.
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📊 4. Increase in Trading Volume and Whale Activity
The trading volume of WIF has increased by 304%, reaching 3.020 billion dollars, indicating renewed interest and activity in the market. Additionally, open interest in derivatives has grown by 38.56%, reflecting expectations of greater volatility.
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⚙️ 5. Innovations in Binance and New Features
Binance has introduced perpetual WIFUSD COIN-M contracts, allowing traders to operate with leverage using WIF as the settlement currency. This functionality has boosted the price of WIF by 44% in a week.
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