- The recent 5% spike in Dogwifhat (WIF) is potentially linked to the “Coinbase Effect” associated with new listings on the exchange.
- Dogwifhat could approach previous highs if trends following its upcoming Coinbase listing hold true.
The Dogwifhat token, abbreviated as WIF, has recently experienced a notable 5% increase in price, making it a standout performer in the meme coin sector. This surge is primarily connected to the broader excitement over Bitcoin鈥檚 recovery, which recently surpassed the $63,000 mark, and an impactful announcement from Coinbase about listing the token.
Coinbase Listing Fueling the Rally?
In a significant development for Dogwifhat, Coinbase, a leading US-based cryptocurrency exchange, announced that it would list WIF for perpetual futures trading starting April 25. Such listings on Coinbase have historically led to substantial price surges for altcoins, a phenomenon widely referred to as the “Coinbase Effect.” According to an analysis by Messari, tokens listed on Coinbase can see an average increase of 91% shortly after their listing. Watch a detailed discussion on this topic in a CNF YouTube video.
Following the pattern of previous listings, the price of WIF could potentially rise to its previous high of $4.86. As the market eagerly anticipates this new listing, the price of Dogwifhat has been fluctuating between $2.15 and $3.14. These movements are closely tied to Bitcoin’s performance and are further influenced by bullish signals from trading indicators such as the Relative Strength Index and the Awesome Oscillator.
Impact of the Coinbase Announcement
A recent tweet from Dogwifhat confirmed that the token’s perpetual futures would begin trading on Coinbase International Exchange and Coinbase Advanced at 9:30 AM UTC on April 25, 2024. This news is expected to further amplify the Coinbase Effect for WIF.
$WIF Coinbase https://t.co/qt4Tc63CY6 pic.twitter.com/aIv0VTnImD
— dogwifcoin (@dogwifcoin) April 18, 2024
Historical Performance and Market Reaction
DogWifHat has shown remarkable growth since its introduction to the crypto market as previously CNF highlighted, achieving an 1800% increase in its year-to-date price and a 122% rise over the past month, according to CoinMarketCap data. Meanwhile, Dogecoin (DOGE) has also seen a significant rise, currently priced at $0.1518 with a 4.02% increase in the past day.
By carefully monitoring these developments, investors and market watchers may gain valuable insights into the dynamic interplay between Coinbase listings and cryptocurrency market reactions.
