Here’s Why, Dogwifhat (WIF) Price Skyrockets by 42%

Dogwifhat (WIF) is a well-known Solana-based meme coin that has been gaining attention in the cryptocurrency world due to its strong performance in the midst of positive market sentiment. The coin surprised everyone today with a remarkable 67% price rally in the last 24 hours.

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Coinbase’s Listing Announcement for WIF

The significant surge in the meme coin’s value occurred following the announcement by Coinbase about listing WIF on their exchange. On November 14, 2024, Coinbase Assets posted on X (previously Twitter) that they would be adding Dogwifhat (WIF) to their platform.

Notably, Coinbase’s decision to list WIF came after they announced the listing of PEPE, which led to a surge in the value of both meme coins. Prior to the Coinbase announcement, WIF had already been experiencing a bullish trend with significant upward momentum.

The listing on the largest US-based cryptocurrency exchange attracted more users and contributed to the strong momentum witnessed by WIF.

Current Price Momentum of WIF

As of now, WIF is trading around $4.20, marking a 36% increase in value over the last 24 hours. The coin reached $4.83, nearing its all-time high (ATH). Additionally, the trading volume of WIF surged by 90% during the same period, indicating increased activity from traders and investors following the listing announcement.

Technical Analysis and Future Levels for WIF

Expert technical analysis suggests that WIF is currently in a bullish phase and is facing resistance near its ATH of $4.86. Based on recent price movements, breaking through this resistance level and closing a daily candle above $4.86 could lead to a significant upward rally towards the $10 mark, as predicted by well-known crypto expert Arthur Hayes during the bull run of March 2024.

Traders are hopeful that WIF will surpass its ATH, similar to PEPE, which experienced significant growth and overcame multiple obstacles following its listing. Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an upward trend.

Increase in Open Interest

On-chain metrics also support a positive outlook for WIF. Coinglass, an on-chain analytics firm, reported a 35% surge in WIF’s open interest, signifying heightened participation from traders and a notable increase in open positions over the past 24 hours.