Binance Futures Set to Introduce Perpetual Contract for Dogwifhat

Binance, the world's largest cryptocurrency exchange, is set to introduce futures trading for the Dogwifhat (WIF) meme coin, as per an announcement on January 18. Binance Futures plans to launch a perpetual contract for the Dogwifhat meme coin with leverage of up to 50x, with trading commencing at 14:15 UTC on the same day.

According to Binance's announcement, qualified USDS-margined futures liquidity providers will enjoy a 0.005% maker fee rebate for trades on the WIFUSDT Perpetual Contract for approximately 14 to 15 days.

In response to this news, the WIF rate saw an 18% increase at the time of writing, reaching a current cost of $0.4379. At its peak, the token's price surged by 24% to $0.48. Trading volumes also experienced a significant 84% boost in the last 24 hours, reaching $148 million, while market capitalization rose by 17.6% to $434.7 million.

WIF is a relatively new meme coin based on the Solana blockchain. It gained attention from the crypto community amid the widespread excitement surrounding the Solana ecosystem and its tokens in December 2023. Experiencing a new wave of popularity in January, Dogwifhat's price rose by 71%, securing its position as the 9th largest meme coin.

Rumors about the potential listing of WIF on Binance circulated, triggering a fresh rally in the token's value following the official announcement. This development comes despite earlier reports of meme coins on Solana facing declines after the gains observed in December 2023.

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