The price of dogwifhat spiked very briefly by 1,450% on Bybit, shortly after the memecoin was listed on the exchange.
Trading of the token kicked off at 8:50 a.m. ET. Just over 10 minutes later, the price of the token rose from $2.70 to as high as $41.85. The exceptionally high price lasted only for a few minutes before reverting back toward the wider market price.
The price of 
WIF -3.42% spiked significantly on Bybit shortly after listing. Image: Bybit.
The spike appears to have been limited to just Bybit. There wasn't any impact on prices on Binance, which facilitates a third of the tokens' trading volume on centralized exchanges, according to data from CoinGecko. Now Bybit has fallen in line with the rest of the market, where the token is trading down 3.5% at $2.64 at publication time.
Dogwifhat is a memecoin featuring the image of a dog wearing a hat. It gained popularity during the latest memecoin trading frenzy, which saw tokens like Pepe, Bonk and Book of Meme make significant gains over the last few months. Dogwifhat specifically saw strong support from popular traders such as Hsaka, who has more than half a million followers and key influencers like Ansem.
Supporters of dogwifhat also raised $700,000 to display the token's image on the Las Vegas sphere for a week. It's unclear when or if this will go ahead.
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