Dogwifhat (WIF) has become the talk of the town in the world of cryptocurrency, with an uptick of as much as 37% in the last day. The meme coin’s surge comes as information on reportedly the listing of WIF on Coinbase sparks the interest of the market. WIF is one of the latest meme coins to gain investors’ attention, and it has been promising since the start of 2024.
Although, the token price jump to its new all-time high on November 13 due to Coinbase’s listing has placed it more in the attention of traders and investors together with other meme coins such as Dogecoins and Pepe.
Coinbase’s Bold Step Sparks Dogn’t Rally
Soon after listing road map, one of the popular cryptocurrency exchanges, Coinbase, revealed the inclusion of WIF as part of its listing. Currently, the exchange has WIF in its planning and expects to add it to the list soon, Grewal, the Coinbase Chief Legal Officer, noted. Grewal tweeted on X that “Coinbase is thrilled to add new assets to its listing and Dogwifhat is happy to support the development of such promising assets.”
A recent announcement by Coinbase triggered a sharp increase of the cost of Dogwifhat up to $4.21, the highest being in March this year when it hit $4.83. This news took Dogwifhat to the limelight of trading volume of the day just like other meme coins which received similar spikes due to listing events.
Market Reacts Positively, Open Interest Climbs 40%
With the arrival of the Dogwifhat listing news, traders interested in the potential profits of the WIF coin’s listing on a major platform like Coinbase appeared. According to the data provided, open interest went up by 40% after a price hike observed for WIF at over $729 million. Other analysts were of the opinion that such listing news form major exchanges result in higher and increased demand and visibility and WIF is benefitting.
Some of the analysts that analyze the stock market have this idea as positive in the following reasons: Adding Dogwifhat to the Coinbase list of future products is a massive step, said Jake Simmons from CryptoMarkets Insights. Meme coins listed on the major platforms have in the past produced a negative outcome where prices rise as people make new entries and trading volumes.
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This means that since the announcement, Dogwifhat’s value has stayed high trading at around $4.14 that is 14% less than its highest value ever recorded. Despite the enthusiasm surrounding the listing, some analysts recommend caution: the situation as to meme coins is quite unstable.
Comparison with Pepe and Dogecoin
Dogwifhat is rising so fast at the same time when other meme coins are also gaining traction. Other such meme coins include Pepe which also surged higher after listing announcements on Coinbase and Robinhood earlier in the week. Likewise, an increase in fear of Dogecoin price saw a rise after the announcement that U.S President-elect Donald Trump had selected Elon Musk and Vivek Ramaswamy to head a government efficiency drive.
These developments have constructed literal ‘positive buzz’ around meme coins in general that has placed Dogwifhat in a good light. The comparisons are true as listing news do push those coins into focus, with participation from both old and new investors.
For Dogwifhat, the current path has raised new expectation about the possibility of it being the next big meme coin. As the market expects WIF to go even higher, it is now associated with Dogecoin and Pepe and is gradually building up as one of the more promising meme coins to invest in.
Possible Future Position of Dogwifhat in the Market
The business question for investors now is, can Dogwifhat sustain this kind of movement? The support of Coinbase is reassuring, and these same experts say that this could help to improve the standing of WIF in the cryptocurrency world. Previously, reputable exchange listings have been heeding to consistent demand in the past.
Moving to the future, as of with all other meme coins, analysts have provided the potential that Dogwifhat could heavily depend on future adoption and the performance of all meme coins in general. “We have seen movements like the Dogwifhat rally, which is significant, but the meme coin trading is always associated with high risk,” explained Thompson from Blockchain Pulse. “If Dogwifhat can draw the interest of investors then, Coinbase listing might by just the tip of the iceberg for the platform.”
Conclusion
Dogwifhat has recently been on the rise, which is a tipping point in the meme coins, especially so with the shift that occurred after Coinbase’s reveal of adding the coin on their platform regarding its price and popularity. WIF’s daily a 37% increase in its price and an even faster growing open interest, show that it is being embraced by investors. Although Dogwifhat is joining the list of trend-setting meme coins such as Dogecoins and Pepe, the blockchain’s future remains optimistic but unpredictable due to the prevailing riskiness.
Both investors and fans will be expecting the crypto community as Coinbase and the Dogwifhat team make their next set of moves. Keep following TheBITJournal and keep an eye on crypto updates and developments.
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