Dogwifhat (WIF), a meme coin on the Solana blockchain, is capturing attention in the cryptocurrency world with its remarkable performance amidst a bullish market atmosphere. WIF’s unexpected surge today has taken the market by storm, with its price climbing over 67% in just 24 hours.
Coinbase’s WIF Listing Announcement
The substantial rally in this meme coin was observed following an important announcement from Coinbase. On November 14, 2024, Coinbase Assets revealed through a post on X (formerly known as Twitter) that they would be listing Dogwifhat (WIF) on their exchange. This announcement came on the heels of Coinbase’s earlier notification about listing PEPE, leading to a significant spike in both meme coins’ values. Beyond Coinbase, WIF already displayed a bullish trajectory, showing considerable upward momentum before the listing.
Coinbase, being the largest cryptocurrency exchange in the United States, provided a platform for a wider user base to engage with WIF, contributing to its impressive momentum.
WIF Current Price Momentum
As of the latest reports, WIF is trading close to $4.20, marking a gain of over 36% in the past 24 hours. Earlier, it reached $4.83, nearing its all-time high (ATH). Correspondingly, the trading volume of this meme coin surged by 90% during the same timeframe, reflecting increased activity and interest from traders and investors following the listing news.
WIF Technical Analysis and Upcoming Levels
Expert technical analysis suggests that WIF maintains a bullish stance, currently encountering resistance near its all-time high of $4.86. Should WIF break through this resistance and secure a daily close above $4.86, there is a strong potential for a significant rally towards the $10 mark, as predicted by notable crypto expert Arthur Hayes during March 2024’s bull rally.
Traders are optimistic about WIF reaching new heights, akin to PEPE, which experienced substantial gains and overcame obstacles post-listing. Presently, WIF is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an ongoing uptrend.
Rising Open Interest
On-chain metrics further bolster WIF’s positive outlook. According to on-chain analytics firm Coinglass, WIF’s open interest has increased by 35%, highlighting significant trader engagement and a notable rise in open positions over the last 24 hours.
This increase in open interest has pushed the total value to $690 million, marking the highest level since the token’s inception.
