WIF, Soaring After Upbit Listing..."Forget Dogecoin and Shiba Inu"

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

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

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

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

Benzinga explained that Upbit listings have acted as strong catalysts in the memecoin market. Upbit listings simultaneously provide new liquidity, market exposure, and buying pressure, allowing tokens immediate access to 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 on the day, marking the first significant bullish candle in a downtrend that has continued since its high of $0.75 last September. Benzinga reported that this move was the first to break above the downtrend channel resistance line.

The bottom of the ascending wedge, formed between $0.17 and $0.22 since February, was also broken upwards. The Supertrend indicator 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-$0.230. Benzinga assessed the current trend as an early recovery phase rather than a complete trend reversal, analyzing that additional rebound confidence would increase only if a daily close above $0.2263 is confirmed.

The Upbit listing served as the necessary catalyst for Dogwifhat to break its multi-month downtrend. The combination of entry into the Korean market, Bitcoin's bullish trend, and renewed altcoin risk appetite propelled Dogwifhat to become a short-term focus in the dog-themed memecoin market.

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