Dogwifhat (WIF), a meme coin built on the Solana blockchain, is capturing the attention of cryptocurrency enthusiasts with its remarkable surge fueled by a bullish market sentiment. The coin’s performance has been nothing short of impressive, with a remarkable 67% price increase in just the past 24 hours.
Coinbase’s WIF Listing Announcement
The significant rally in WIF’s value was primarily triggered by an announcement from Coinbase, one of the most prominent cryptocurrency exchanges. On November 14, 2024, Coinbase Assets revealed on X (formerly known as Twitter) that Dogwifhat (WIF) would be listed on their platform. This announcement, following closely on the heels of the news about PEPE’s listing, sent both meme coins soaring in value. The listing on Coinbase, the largest cryptocurrency exchange in the United States, opened the door for more users to participate, further propelling WIF’s upward momentum.
WIF’s Current Price Momentum
As of the latest update, WIF is trading around $4.20, representing a gain of over 36% in the last 24 hours. The coin had briefly touched $4.83, nearing its all-time high (ATH). Additionally, the trading volume for WIF increased by an impressive 90% during this period, indicating a surge in interest and activity from traders and investors in response to the Coinbase listing.
WIF Technical Analysis and Upcoming Levels
Expert technical analysis suggests that WIF is exhibiting bullish tendencies and is currently encountering resistance near its all-time high of $4.86. Should WIF manage to break through this resistance and sustain a daily close above $4.86, there is a strong possibility of a substantial upward rally towards the $10 mark. This forecast aligns with predictions made by prominent crypto expert Arthur Hayes during the bull rally of March 2024.
WIF’s trading pattern is mirroring that of PEPE, which experienced significant gains and overcame various obstacles following its listing. Presently, WIF is trading above the 200 Exponential Moving Average (EMA) on the daily chart, signaling a positive uptrend.
Rising Open Interest
On-chain metrics further bolster WIF’s positive outlook. According to data from the on-chain analytics firm Coinglass, WIF’s open interest has surged by 35%, reflecting increased participation from traders and a notable rise in open positions over the past 24 hours. This surge in open interest has pushed the total value to a staggering $690 million, the highest since the token’s launch.
The excitement surrounding Dogwifhat (WIF) is palpable, with its recent listing on Coinbase serving as a catalyst for its meteoric rise. As the meme coin continues to capture the imagination of traders and investors alike, its future trajectory remains a topic of keen interest and speculation in the cryptocurrency landscape.
