Solana's Meme Coin Surges 15% with Coinbase Support

The WIF coin is leading the comeback of meme coins, with its price reaching nearly $2.80.

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Following Coinbase’s announcement to introduce WIF perpetual contracts, the meme coin dogwifhat (WIF) spiked by 15%. This surge coincided with notable gains for similar assets like Cat in a Dogs World (MEW), Dogecoin (DOGE), and Shiba Inu (SHIB), reflecting a broader trend of market recovery.

Cryptocurrency Market Rebounds Amidst Volatility

The cryptocurrency market witnessed significant volatility in recent days, marked by a series of fluctuations. Notably, major digital assets began to recover on April 18th, only to experience a substantial downturn following reports of drone and missile attacks by Israel on Iran. Bitcoin (BTC) notably fell below the $60,000 threshold for the first time in nearly two months.

However, this adverse trend was short-lived as the crypto market rebounded strongly on April 19th. Among the top performers was the leading meme coin built on the Solana blockchain, dogwifhat (WIF), which surged by approximately 15% over a 24-hour period.

Coinbase Adds WIF Perpetual Contracts: The impressive rally of dogwifhat (WIF) followed the announcement from Coinbase to introduce WIF perpetual contracts on Coinbase International Exchange and Coinbase Advanced. The company clarified that the trading for WIF-PERP would commence on or after 9:30 am UTC on April 25th, 2024.

WIF Price, Source: CoinGecko

Solana Price Surge: The resurgence of the meme coin WIF coincided with a notable price increase in the Solana (SOL) cryptocurrency. SOL recorded an 11% daily gain, surpassing the performance of Bitcoin (BTC) and Ethereum (ETH) during the same period.

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Meme Coin Market Sees Significant Price Increases

Today, several tokens in the meme coin category have experienced notable price surges, alongside Dogwifhat (WIF). Leading the pack in terms of market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB) have both risen by 6% and 5%, respectively.

Additionally, Cat in a Dogs World (MEW) has seen a substantial surge of 17%, while tokens like Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) are also among the notable gainers in the market.

While the meme coin sector appears to be regaining momentum, traders are advised to exercise caution when entering this volatile ecosystem. The meme coin market is notorious for its volatility, posing significant risks of substantial losses for investors.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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