- Binance releases new WIF & NOT pairs to answer the rising demand.
- Notcoin (NOT) emerged as a gaming coin that can be minted on Telegram.
- Claiming a $2.77B market cap in two weeks, NOT briefly entered TOP 50.
Binance, the leading cryptocurrency exchange by trading volume, has announced new services for Notcoin (NOT) and Dogwifhat (WIF). The two newcomers in the alternative crypto space will receive two additional pairs and algorithmic trading bots on Spot.
The fresh trading pairs, NOT/BRL and WIF/EUR, were announced on July 12, 2024. They will be available starting July 13, 2024, at 14:00 (UTC). Binance’s Spot Algo orders can now be carried out by trading bots, as those are activated simultaneously with the aforementioned trading pairs.
Following the news, Solana’s WIF carried on trading in strongly bearish momentum, dropping another 3.7% in value over the past 24 hours. This sums up WIF’s seven-day downward slope to 25.7%, coinciding with Solana’s weekly plunge below the $150 support levels.
Major Players Get Active: More Sell-Offs?
Judging from the combined liquidity book on Spot markets, WIF’s overall trading volume has significantly slowed down, dropping by 31.69% over the latest 24-hour period. With a combined trading volume of $425,396,200, Dogwifhat’s on-chain liquidity is at the lowest point of the month with $135K WIF bids versus $145K asks in 24 hours.
Seated at #48 by global market cap, WIF has fallen below the $2.50 key support levels due to traders gradually taking profits since WIF’s monthly top at $4 on May 29, 2024. In contrast, some Solana whales are taking the opportunity to top up their WIF stash at a presumably discounted price.
A Solana whale who had 22,739,328 WIF tokens in their account has decided to add another 1,864,940 WIF during the canine coin’s price dip. Upon further research by DailyCoin, it was established that the Solana whale now holds a whopping 24.6M WIF coins valued at $60.53 million.
On the Flipside
- Dogwifhat’s trading volume on Derivatives has also dramatically plummeted by 35%, whilst long position holders faced a strong wave of liquidations, comprising $762K out of $828K 24-hour liquidations, according to CoinGlass data.
- Both Notcoin (NOT) and Dogwifhat (WIF) sported a positive Chaikin Money Flow (CMF) as of press time, hinting that hefty liquidity outflows are likely coming to a halt and traders had piqued a renewed interest in the cryptos in question.
Why This Matters
Binance’s new trading pairs are designed to enhance crypto traders’ experiences. Expanding offerings for demanded cryptos often gives substance to the coin’s long-term market depth.
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