• 18 June, 2024
Market News

Solana Buzz: WIF Token Surge & $8.65M Investment Amid Binance’s Perpetual Launch

In a surprising turn of events, renowned on-chain smart money analytical platform Lookonchain has recently unveiled startling revelations in a recent X post pointing to Binance’s announcement of the upcoming launch of WIF perpetual. The spotlight, however, is on an individual who made a hefty investment of 86,738.1 SOL ($8.65 million) to acquire 17.22 million WIF. 

According to the platform findings, 37 million WIF held by the individual has soared to $17 million worth, boasting a floating profit exceeding $8 million. On-chain metrics indicate a resurgence in the frenzy for meme coins on the Solana blockchain, reminiscent of last year’s surge that propelled SOL’s price to nearly $121.

Source: Image by Lookonchain

Recent data revealed a substantial surge in trading volumes and user engagement across various meme coins that emerged in December. Notably, the viral favorite, dogwifhat (WIF), experienced a significant uptick, surpassing previous highs due to future listing and network effects.

WIF witnessed an impressive 50% surge to 48 cents within 24 hours before a slight retreat. Franklin Templeton, a traditional finance firm, contributed to the positive sentiment with an X post referencing the tokens’ “wif hat” meme. In subsequent X posts, the company’s digital assets team expressed being “impressed” by the growth of Solana-based applications in Q4, highlighting Solana as one of the ecosystems under their keen observation, alongside Bitcoin and Ethereum.

The memetic value of WIF is derived from its association with an image of a dog adorned with a hat – the “wif hat” trend that has gained traction within crypto circles. Other meme tokens like usedcar (USEDCAR), popcat (POPCAT), and kpop (KPOP) also saw spikes of up to 50% despite having market capitalizations below $20 million, according to data from tracking service Birdeye.

While several viral Solana tokens experienced an 80% decline from their peak as the meme coin frenzy subsided, the recent surge might be partly attributed to Solana Mobile’s announcement of the “Two” phone, set to ship in 2025 with a price tag of $450. Traders speculate that phone buyers could receive airdrops and applications from Solana-based projects, similar to the $650 airdrop to Saga phone owners last year.

The prospect of token airdrops propelled the prices of MYRO upward, as the project hinted at offering something special to buyers of the “Two” phone. As Solana’s value locked-in applications display a steady increase in the past week, following a brief decline in the first week of 2024, the ecosystem is on the cusp of exciting developments.

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