Binance, the globe’s leading crypto platform by trading volume, is expanding its service range for Floki (FLOKI) and Dogwifhat (WIF).
Due to the rising demand for meme coins, Binance users can trade the new pair FLOKI/FDUSD, simultaneously activating Spot Algo trading bots for the same pair.
According to the official announcement, the new trading pairs will begin at 08:00 (UTC) on March 13, 2024.
This move comes after a 787% monthly bull rally for FLOKI, a popular meme coin on BNB Chain.
Getting recognition with a fabulous ad campaign in New York’s Times Square, Floki has ascended to a nearly $3 billion market cap.
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Along with trading bots for FLOKI, Binance announced two new artificial intelligence-powered trading instruments for Solana’s Dogwifhat (WIF).
Neighboring FLOKI in the crypto charts by market cap, WIF claims a market cap above $2 billion after a stupendous 685% monthly bull rally.
Dogwifat’s automated trades will be available in Rebalancing Bot, Spot Grid Bot, and Spot Dollar Cost Average (DCA) bots.
Crypto traders should expect these trading bots to go live on Binance at 2024-03-14 08:00 (UTC).
In contrast to Floki’s new Binance bots, Dogwifhat’s trading robots employ Tether USD (USDT) to carry out transactions.
Floki Showcases Fundamentals Over Quick Hype?
Rising to a spectacular 500% rally days later than most of the competing canine coins, FLOKI embarked on a journey to knock at crypto’s TOP 50 door with a nearly $3bn in market cap.
Despite this, FLOKI is still 18.8% behind its all-time high set at $0.0003365 in November 2021.
Floki’s status as the dark horse of the memecoin frenzy can be attributed to its relatively small market cap compared to Shiba Inu (SHIB) and Dogecoin (DOGE).
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However, Floki’s DeFi staking systems have seen magnificent success, resulting in a $790 million milestone in total value locked (TVL).
Outsourcing Shiba Inu and Dogecoin using this metric, Floki has ambitions to position itself as the pioneer of Real World Assets (RWA) with TokenFi.
Due to high volatility in memecurrency prices, the price swings often result in both long and short positions liquidated.
To illustrate, $635K of long positions were liquidated out of a $888K total, according to CoinGlass on-chain data.
Memecoins are the hottest sector of the 2024 Spring rally, raising awareness about blockchain technology due to their huge mass appeal.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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