Dogwifhat (WIF) Soars to a 7-Month High Following Support From Coinbase: Details

TL;DR

• WIF’s solid price increase happened shortly after Coinbase allowed trading services with the asset.
• Its momentum comes amid intense competition in the meme coin market, with tokens like PEPE, DOGE, and PNUT exploding by triple and even quadruple digits in the past week.

WIF in the Spotlight Again

The biggest Solana-based meme coin – dogwifhat (WIF) – saw its price pumping by over 40% in the past 24 hours. Currently, it trades at $4.30 (per CoinGecko’s data), a level last observed in April this year. 

WIF Price, Source: CoinGecko

WIF’s valuation started rallying shortly after the leading crypto exchange Coinbase listed the asset on its platform. 

dogwifhat (WIF) is now live on https://t.co/CD3RBjukqm & in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets. https://t.co/676miKRZ4P

— Coinbase Assets ️ (@CoinbaseAssets) November 13, 2024

It is worth noting that this is not the first time the company has supported the meme coin. Earlier this year, it launched WIF perpetual contracts, triggering another price increase. 

Listing on a major crypto platform like Coinbase makes the involved assets more accessible, potentially increasing the demand. It also leads to enhanced liquidity and improved credibility. These are all factors that may result in a price rally.

Other well-known exchanges that have allowed trading services with WIF over the past several months include Binance, BitMEX, Kraken, Huobi, KuCoin, and more. 

Trying to Catch up With PEPE

WIF has a current market capitalization of around $4 billion, making it the fourth-largest meme coin. It trails behind Pepe (PEPE), which recorded staggering gains in the past 24 hours. 

As CryptoPotato reported, the price of the frog-themed meme coin exploded to a new all-time high on November 13. The solid performance aligns with PEPE’s listing on Coinbase and Robinhood.

It also follows the massive green wave in the meme coin niche. Shiba Inu (SHIB), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT), Cat in a Dogs World (MEW), and many others have seen their prices skyrocketing by double digits in the last seven days.

Dogecoin (DOGE) is up 104% for that period, while Peanut the Squirrel (PNUT) has stunned industry participants with a 1,500% weekly rise.