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

Dogwifhat (WIF), a popular Solana-based meme coin, is making waves in the cryptocurrency realm with its impressive performance amid bullish market sentiment. However, WIF’s rally today surprised everyone, as the price rallied by over 67% in the past 24 hours.

Coinbase’s WIF Listing Announcement

This notable rally in the meme coin was witnessed after Coinbase announced its listing on the exchange. On November 14, 2024, Coinbase Assets made a post on X (previously Twitter), informing its users that they would be listing Dogwifhat (WIF) on the exchange.

However, Coinbase’s announcement of the WIF listing follows its earlier announcement of the PEPE listing, and as a result of these announcements, both meme coins skyrocketed. Aside from Coinbase, WIF’s overall price action was bullish and had already been experiencing significant upward momentum.

The listing on the largest cryptocurrency exchange in the US allowed more users to participate and contributed to this notable momentum.

WIF Current Price Momentum

At press time, WIF is trading near $4.20, registering a gain of over 36% in the past 24 hours. However, it reached $4.83, close to its all-time high (ATH). Meanwhile, the trading volume of the meme coin rose by 90% during the same period, indicating heightened participation from traders and investors following the listing announcement.

WIF Technical Analysis and Upcoming Levels

According to expert technical analysis, WIF appears bullish and is currently facing resistance near its all-time high of $4.86. Based on the recent price action, if WIF breaks out from the resistance level and closes a daily candle above $4.86, there is a strong possibility of a significant upward rally toward the $10 level, as forecasted by prominent crypto expert Arthur Hayes during the bull rally of March 2024.

However, traders are expecting WIF to breach its all-time high (ATH), similar to PEPE, which soared significantly and overcame several hurdles after its listing. Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend.

Rising Open Interest

On-chain metrics further support WIF’s positive outlook. According to the on-chain analytics firm Coinglass, WIF’s open interest has surged by 35%, indicating significant participation from traders and a notable increase in open positions over the past 24 hours.

This surge in open interest pushed the total value to $690 million, the highest since the token’s launch.