Upbit Listing Effect: How Far Will It Go? Will Dogwifhat's Surge Continue?

▲ Dogwifhat (WIF) / Source: dogwifcoin X

Dogwifhat (WIF) has emerged as a central player in the memecoin market, surging over 13% in a single day with an explosive increase in trading volume immediately after its Upbit listing.

According to CoinMarketCap, a cryptocurrency market aggregation site, on May 6 (local time), Dogwifhat was trading at $0.2236, up 13.61% over the past 24 hours. While the broader cryptocurrency market showed a flat trend during the same period, WIF recorded an overwhelming increase, demonstrating strong relative strength.

The media cited the Upbit listing as the biggest reason for this surge. Upbit listed WIF on its Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) markets on May 6, which is analyzed to have attracted liquidity from individual investors, a level among the largest in Asia. Indeed, the 24-hour trading volume surged by a whopping 735% after the listing. The media explained that for memecoins, in particular, new buying interest tends to quickly follow when trading accessibility expands.

Market sentiment and technical trends also supported the upward movement. Social network-based investment sentiment recorded a relatively positive level of 5.01 out of 10 points. Mentions of the Upbit listing effect and increased trading volume quickly spread in the market. Technically, WIF also strongly broke through the approximately $0.19 range, which represents its 7-day and 30-day moving averages, and the Moving Average Convergence Divergence (MACD) histogram also turned positive, indicating strengthening upward momentum.

The media also noted that WIF broke above its previous box range of $0.17-$0.20. If the current upward trend continues, the next major resistance level is cited to be around $0.27, which is the 0.236 Fibonacci retracement level. Conversely, if the price falls back below $0.20, there is a possibility that this surge could be limited to a short-term listing rally.

Experts assessed that this surge is based on the clear positive catalyst of the Upbit listing. However, they diagnosed that the sustainability of the future rise depends on whether trading volume and new buying interest continue to be maintained in the Upbit spot market.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*