Bybit's DOGWHAT Token Skyrockets After Exchange Listing

Shortly after listing on Bybit, Dogwifhat's price soared by an astounding 1,450%, reaching $41.85 from $2.70 within 10 minutes. However, this surge was ephemeral, with the price quickly reverting to market value. The spike appears isolated to Bybit, as Binance prices remained unaffected. Dogwifhat's appeal stems from its memecoin status, garnering support from influential traders and influencers. Despite this initial enthusiasm, Dogwifhat has since lost 3.5% of its value and is currently trading at $2.64.

Significant Price Surge for Memecoin Dogwifhat on Bybit Following Exchange Listing

Shortly after the introduction of the memecoin Dogwifhat on Bybit, a notable price spike was witnessed on the platform. The surge, which occurred at 8:50 a.m. ET, propelled the token's value from $2.70 to a remarkable high of $41.85 within a span of 10 minutes.

However, this exceptional price surge was short-lived, reverting to the broader market valuation within a few minutes. Bybit's surge appeared isolated, as no corresponding price fluctuations were recorded on Binance, which accounts for a significant portion of the token's trading volume on centralized exchanges, as per CoinGecko data.

At the time of publication, Bybit's price for Dogwifhat has aligned with the market, exhibiting a decline of 3.5% to $2.64.

Dogwifhat, a memecoin adorned with the image of a canine sporting a hat, has garnered considerable popularity during the recent surge in memecoin trading. Other tokens such as Pepe, Bonk, and Book of Meme have also experienced significant gains in recent months. Dogwifhat has received notable support from popular traders like Hsaka, who boasts over half a million followers, and prominent influencers like Ansem.

Furthermore, supporters of Dogwifhat have raised $700,000 to showcase the token's image on the Las Vegas Sphere for a week. The timing and execution of this plan remain uncertain.

While the precise reasons behind the price spike on Bybit are not fully understood, it is noteworthy that such isolated price surges are not uncommon, particularly in the highly volatile cryptocurrency market. Dogwifhat's price remains subject to market forces and changes in sentiment, as with all cryptocurrencies.