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InicioNewsCoinbase Effect: Dogwifhat Surges 5% Amid Listing Plans

Coinbase Effect: Dogwifhat Surges 5% Amid Listing Plans

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  • Historical data suggests a potential “Coinbase Effect” could significantly elevate Dogwifhat’s price following its listing.
  • Technical indicators like RSI and AO hint at an emerging bullish trend, suggesting possible near-term price increases.

Dogwifhat (WIF) saw its price increase by 5% on Thursday, a development noteworthy within the meme coin sector. This increase occurred in the context of Bitcoin surpassing the $63,000 threshold, which generally lifts market sentiment.

Coinbase announced that it would start listing the WIF token for perpetual futures trading from April 25. Historically, tokens newly listed on Coinbase often experience immediate price surges, a phenomenon referred to as the “Coinbase Effect.” 

Research from Messari, a crypto analysis firm, supports this pattern, showing that tokens listed on Coinbase average a 91% return in the first five days following their listing.

The price of Dogwifhat is currently fluctuating between $2.15 and $3.14. The crypto market’s direction is often influenced by Bitcoin’s performance, which acts as a market indicator. 

WIFUSDT_2024-04-19_18-01-26
Source → Tradingview

Despite a cautious market outlook and ongoing high-risk perceptions, technical indicators such as the Relative Strength Index (RSI) are nearing levels that traditionally suggest a buying opportunity. The Awesome Oscillator (AO) is also showing early signs of bullish momentum for WIF.

WIFUSDT_2024-04-19_18-02-44
Source → Tradingview

If the market sentiment turns favorable, Dogwifhat’s price could potentially reach higher resistance levels at $3.14, $4.24, and if momentum continues, up to $4.86, marking a significant rise from its current position.

This potential increase is closely tied to broader market trends and the upcoming Coinbase listing, which may amplify interest and trading activity surrounding WIF.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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