The price of the Dogwifhat meme token has reached an all-time high

Memecoin Dogwifhat reached an all-time high after Binance announced the listing of WIF perpetual futures, which will also be listed by Kucoin.

After the Solana project token (SOL) increased in value in the last quarter of 2023, many coins in its ecosystem began to show strong dynamics. One of them was Dogwifhat (WIF), another joke coin inspired by the Shiba Inu dog meme.

Dogwifhat and thoughts on insider trading

Starting today Thursday Binance Futures will include in your listing perpetual futures contracts on WIF. Additionally, the cryptocurrency exchange will allow traders to trade the meme coin with up to 50x leverage. Kucoin also announcedthat today a popular memcoin will appear on its exchange.

With Dogwifhat's listing announcement on Binance and Kucoin, the token reached an all-time high of $0.5317. However, at the time of writing, it has already rolled back from peak values, but still remains in the green intraday zone.

Since around December, WIF has become one of the favorite coins of speculator whales. Many stories began to emerge about how some whales made fabulous profits trading WIF.

However, the increased activity of whales has attracted particular attention from the crypto community. Earlier this month, a major player with the domain name binance-insider.sol (Binance Insider) began actively purchasing the coin. In total, the anonymous person spent almost $9 million on memcoin in Solana and eventually became the second largest holder of Dogwifhat.

Lookonchain analysts immediately drew attention to the user’s activity. In their opinion, the whale’s interest in the coin could be related to insider information about the possible listing of the cryptocurrency on a trading platform. Now that WIF has actually been listed on Binance, it's even bigger fueled speculation about insider trading.

In addition, 16 hours before the announcement, another wallet spent $1 million to purchase 2.68 million WIF.

What to expect next from the price

News of the listing has also prompted investors to begin discussing another issue, namely how this will affect Dogwifhat's future dynamics. The screenshot below shows that WIF is trading in a channel. At the time of writing, the price was testing the resistance of the upper boundary of the channel.

In case of a rebound, it could retest the support of the channel's lower boundary at $0.3353.

Community members compared the WIF futures listing announcement on Binance to the recent similar listing of BONK.

However, we must not forget that Dogwifhat is a meme coin that does not have much practical use. In addition, memcoins are known for their increased volatility.