Dogwifhat (WIF) Rises to 7-Month High After Coinbase Support: Details

TL;DR

WIF’s solid price increase came shortly after Coinbase allowed services to be traded with the asset. Its push comes amid intense competition in the meme coin market, with tokens like PEPE, DOGE, and PNUT exploding by triple and even quadruple digits over the past week. WIF in the spotlight again

The largest Solana-based meme coin, dogwifhat (WIF), saw its price increase by more than 40% in the last 24 hours. It is currently trading at $4.30 (according to CoinGecko data), a level last seen in April of this year.

WIF Price, Source: CoinGecko

WIF’s valuation began to rebound shortly after major cryptocurrency exchange Coinbase listed the asset on its platform.

dogwifhat (WIF) is now live at https://t.co/CD3RBjukqm and the Coinbase apps for iOS and Android. 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’s worth noting that this isn’t the first time the company has backed the meme currency. Earlier this year, it launched WIF perpetual contracts, causing another price spike.

Listing on a major crypto platform like Coinbase makes the assets involved more accessible, potentially increasing demand. It also leads to greater liquidity and greater credibility. These are all factors that can lead to an increase in prices.

Other well-known exchanges that have allowed services to be traded with WIF in recent months include Binance, BitMEX, Kraken, Huobi, KuCoin and more.

Trying to catch up with PEPE

WIF has a current market cap of around $4 billion, making it the fourth largest meme coin. It is trailing Pepe (PEPE), which posted impressive gains in the last 24 hours.

As reported by CryptoPotato, 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 soar by double digits in recent seven days

Dogecoin (DOGE) is up 104% during this period, while Peanut the Squirrel (PNUT) has surprised industry participants with a weekly increase of 1,500%.

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