Recently, the price of Dogwifhat (WIF) has been experiencing volatile hours. Following its listing on America’s leading cryptocurrency exchange Coinbase, there has been a rapid price explosion among altcoins. Particularly, the Dogwifhat (WIF) token has been outperforming other meme coins in the sector, drawing attention. Yesterday’s news from Coinbase significantly influenced this rise. Let’s delve into the details concerning the cryptocurrency WIF.
The Coinbase Effect on Dogwifhat (WIF) Price Increase
Today, with a 16% price increase, the WIF token has surpassed Bonk Inu (BONK) among meme coins, taking the top spot. However, this rise is not solely influenced by Bitcoin reaching above $63,000. The announcement from the US-based largest trading platform, Coinbase, also played a significant role.
Coinbase, through an announcement made on Thursday via platform X, disclosed plans to list the Dogwifhat ecosystem’s WIF token for perpetual futures trading on Coinbase International Exchange and Coinbase Advanced. Trading is expected to start on April 25, and this announcement predicts a potential “Coinbase Effect” for the Solana-based meme coin.
Coinbase Listings Increase Token Prices
The “Coinbase Effect” is a hypothesis that promising cryptocurrencies experience a rapid price explosion after being listed on Coinbase. This hypothesis has been proven correct multiple times. Research conducted by the cryptocurrency analysis firm Messari also confirms this effect. The study, which analyzed the first five days of trading for tokens listed on Coinbase, shows significant differences compared to those listed on other platforms.
Coinbase listings not only have the highest average returns but also the widest distribution. According to data from Messari analyst Roberto Talamas, this return could be promising for WIF and could push Dogwifhat’s price to a high level of $4.86. This level represents an 80% potential increase for WIF.
However, the current price of the cryptocurrency Dogwifhat is consolidated between $2.15 and $3.14. Along with hints from Bitcoin, it is evident that altcoins are moving with Bitcoin’s show of strength. As I write this article, the Coinbase effect on WIF is clearly visible. As seen in the chart above, WIF has ignited a green candle and is trading at $2.69.
