WIF, surging after Upbit listing..."Forget Dogecoin and Shiba Inu"

▲ Dogwifhat (WIF), Dogecoin (DOGE), Shiba Inu (SHIB)/AI generated image

Dogwifhat (WIF) surged over 25% immediately after news of its Upbit listing. Amidst the dog-themed memecoin competition dominated by Dogecoin (DOGE) and Shiba Inu (SHIB), Solana (SOL)-based Dogwifhat secured access for Korean investors, attracting short-term market attention.

Benzinga reported on May 6 that the token rose over 25% after Upbit, South Korea's largest virtual asset exchange, announced its plan to list Dogwifhat. Upbit stated on May 6 that Dogwifhat would be listed, and this news immediately sparked a reaction in the virtual asset community.

Dogwifhat became available for trading in KRW, Bitcoin, and USDT markets. The Upbit listing drew attention as it opened an access channel for Dogwifhat to Korean investors, a market considered one of the world's most active virtual asset markets. Upbit announced that deposits and withdrawals are only supported on the Solana network, urging users to verify the network before depositing digital assets.

Benzinga explained that Upbit listings have consistently acted as strong catalysts in the memecoin market. Upbit listings are believed to provide new liquidity, market exposure, and buying pressure simultaneously, allowing tokens immediate access to South Korea's active retail investor trading base.

This listing coincided with Bitcoin (BTC) surpassing $82,000 and a resurgence in risk appetite across altcoins. Dogwifhat hit an intraday high of $0.2624 after the listing announcement before giving back some of its gains.

Changes were also detected in technical trends. Dogwifhat formed a strong reversal candle today, creating the first significant bullish candle in the downtrend that followed its peak of $0.75 last September. Benzinga reported that this move was the first to break above the falling channel resistance line.

The lower boundary of the rising wedge pattern, formed between $0.17 and $0.22 since February, was also broken upwards. The Supertrend turned bullish at $0.1839, marking the first bullish signal in several months. However, the Exponential Moving Average (EMA) arrangement still remains bearish. The 100-day EMA at $0.2263 and the 200-day EMA at $0.3368 were identified as upper resistance zones that would be difficult to break through.

Short-term support lies in the $0.19-$0.194 range. The resistance zone is formed between $0.226 and $0.230. Benzinga assesses the current trend as an initial recovery phase rather than a complete trend reversal, analyzing that further rebound confidence would increase only if a daily close above $0.2263 is confirmed.

The Upbit listing acted as a necessary catalyst for Dogwifhat to break its multi-month downtrend. With its entry into the Korean market, Bitcoin's bullish momentum, and a recovery in altcoin risk appetite, Dogwifhat has emerged as a short-term focus in the dog-themed memecoin 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.*