Solana-based memecoin dogwifhat ($WIF) saw an extraordinary price surge on the Bybit exchange, climbing by 1,450% shortly after its debut.
The trading of the token began at 8:50 a.m. ET, and within just over 10 minutes, its price shot up from $2.70 to a peak of $41.85. This sharp increase, however, was short-lived as the price quickly corrected back to levels consistent with the broader market.
This price spike was isolated to Bybit and did not affect other exchanges like Binance, which handles a third of the token’s trading volume on centralized exchanges. At the time of reporting, dogwifhat was trading down by 3.5% at $2.64 on Bybit, aligning with the market norm.
Dogwifhat is easily recognizable by its logo featuring a dog wearing a hat. The token’s rise in popularity has been fueled by endorsements from well-known cryptocurrency traders and influencers like Hsaka and Ansem, who both have significant followings and sway in the crypto community.
Interestingly, supporters of dogwifhat raised $700,000 to feature the token’s image on the Las Vegas sphere for a week, though details about the execution of this plan remain unclear.
The phenomenon of rapid price fluctuations in newly listed tokens is not uncommon in the volatile cryptocurrency market, particularly among memecoins, which can be heavily influenced by social media and influencer promotions.
Despite a quick rebound in its trading price, DogWifHat’s WIF saw its market capitalization drop by 3.40%, reaching $2,645,088,044. In contrast, the trading volume climbed by 43.51% over the past 24 hours, amounting to $311,233,657. This indicates a surge in activity from traders and investors, likely trying to take advantage of the price volatility.
Earlier last week, Coinbase introduced perpetual futures trading for dogwifhat ($WIF), starting April 25. These open-ended futures contracts can be traded using the USDC stablecoin. Initially, this trading feature will be exclusively accessible via the Coinbase Advanced webpage, but mobile trading is set to be introduced soon.
