How far will the Upbit listing effect go? Will Dogwifhat's additional 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 listing on Upbit.

According to CoinMarketCap, a cryptocurrency market aggregation site, on May 6 (local time), Dogwifhat traded 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 rise, demonstrating strong relative strength.

The media cited the Upbit listing as the biggest reason for this surge. Upbit listed WIF on its KRW, BTC, and USDT markets on May 6, which is analyzed to have attracted an influx of liquidity from individual investors, considered among the largest in Asia. In fact, trading volume surged by an astonishing 735% in the 24 hours following the listing. The media explained that, especially for memecoins, when trading accessibility expands, new buying interest tends to quickly follow.

Market sentiment and technical trends also supported the upward momentum. Social network-based investment sentiment scored 5.01 out of 10, indicating a relatively positive level. Discussions about the Upbit listing effect and increased trading volume rapidly spread throughout the market. Technically, WIF 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, suggesting strengthening upward momentum.

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

Experts assessed that this rise is based on the clear positive catalyst of the Upbit listing. However, they diagnosed that the sustainability of future gains 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.*