As a seasoned analyst with over two decades of experience in the crypto industry, I’ve witnessed countless market fluctuations and trends. The recent surge in WIF‘s price is a testament to the power of exchange listings and the meme coin phenomenon.
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 largest meme token built on the Solana network, dogwifhat (WIF), has surged by more than 40% in the past day. At present, it is trading at $4.30 according to CoinGecko’s data, a price point not seen since April of this year.
Following Coinbase listing WIF as an asset, its value began to surge rapidly.
Now, the digital currency known as Dogecoin (WIF) is accessible for trading within the Coinbase mobile apps for both iOS and Android users. With their Coinbase accounts, customers can now engage in buying, selling, exchanging, sending, receiving, or storing this asset with ease.
— Coinbase Assets ️ (@CoinbaseAssets) November 13, 2024
It’s important to mention that the company has previously backed the meme coin. This year, they initiated WIF perpetual contracts, leading to a further price surge.
Listing an asset on a prominent cryptocurrency exchange such as Coinbase can make it easier for more people to access the asset, possibly boosting demand. This increased exposure often results in better liquidity and a stronger reputation. All of these aspects could potentially trigger a surge in price.
Besides Binance, BitMEX, Kraken, Huobi, and KuCoin, numerous other reputable trading platforms have facilitated transactions using WIF over the last few months as well.
Trying to Catch up With PEPE
Currently, Worldwide Index Fund (WIF) holds a market cap approximately equal to 4 billion dollars, positioning it as the fourth largest meme coin. However, it is outranked by Pepe (PEPE), which has experienced significant growth over the past day.
According to reports from CryptoPotato, the value of the frog-themed meme coin reached a record peak on November 13. This strong performance coincides with the coin’s listing on both Coinbase and Robinhood.
Additionally, it’s worth noting that these coins are riding the surge of the large green trend in the meme coin market. Coins such as Shiba Inu (SHIB), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT), Cat in a Dog’s World (MEW), and numerous others have witnessed significant price increases by double digits over the past week.
During that timeframe, Dogecoin (DOGE) has seen a 104% increase, while Peanut the Squirrel (PNUT) has left industry observers amazed by its 1,500% weekly growth.
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2024-11-14 21:16