WIF Rebounds on Binance Listing Plan as Other Meme Coins Run Out of Steam

• The dogwifhat token surged after crypto exchange Binance said it will list the token.

• Many other meme coins have lost ground following a frenetic weekend that saw several more than double in price.

• Bitcoin dominance rose from 51.8% to 52.3% on Tuesday after it surged towards $68,500.

Crypto exchange Binance said it will add dogwifhat (WIF) to its listings, lifting the Solana-based token’s price back into the black for the day despite a sell-off in the wider meme-coin market.

WIF will be available to trade on Binance starting at 14:00 UTC on Tuesday, according to a blog post.

The decision comes after a weekend of meme-coin mania that saw tokens like WIF, PEPE, FLOKI and SHIB post triple-digital gains.

WIF had been trading at $1.52 before the announcement, and the price quickly jumped by more than 25%. It was trading recently at $1.80, a 5.61% gain over the past 24 hours. FLOKI, in contrast, dropped by 5.1% and WEN, MAGA, BITCOIN and CUMMIES all fell by more than 10%. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, is up by 5.08% in the same period following bitcoin’s (BTC) surge to $68,500 on Monday.

A drop among altcoins and meme coins commonly occurs when bitcoin moves to the upside. Altcoin rallies typically take place when the bitcoin price trades within a specific range after making a high as traders take their profits before moving on to more speculative bets.

Bitcoin dominance rose from 51.8% to 52.3% on Tuesday, CoinMarketCap data shows.