Dogwifhat surges 30 percent after Coinbase lists the memecoin
The price of Dogwifhat, a memecoin based in Solana, has increased by roughly 30% in the last day, following news of the token listing on Coinbase, a major cryptocurrency exchange. On November 14, at 07:54. ET (12:54 UTC), WIF was trading at $4.00 and increased 29.37% in the past 24 hours, according to CoinMarketCap.
WIF increased by roughly 21% around the time of Coinbase's announcement on Wednesday, when the company added it to its asset listing roadmap.
Trading will begin on or after 3:30PM ET on 13 November, 2024 if liquidity conditions are met. Once sufficient supply of this asset is established trading on our WIF-USD trading pair will launch in phases. Support for WIF may be restricted in some supported jurisdictions.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 13, 2024
Coinbase stated on the social media platform X that WIF will trade on Coinbase on or after 3:30 p.m. ET (20:30 UTC) on November 13, provided that liquidity conditions are met. Trading on our WIF-USD trading pair will launch in stages as soon as a sufficient supply of this asset is established. In some supported jurisdictions, support for WIF may be restricted, it said.
PEPE surges after listing announcements on major exchanges
Due to major cryptocurrency exchanges' plans to list, frog-themed memecoin PEPE is another coin that has seen a surge in value. Robinhood, a cryptocurrency-friendly brokerage, announced earlier Wednesday that it listed PEPE, and Coinbase said it also planned to add the digital asset. After the announcement, PEPE increased by 30%.
What is Dogwifhat (WIF)?
Dogwifhat (WIF), a Solana-based memecoin featuring a picture of a Shiba Inu dog wearing a pink knit hat, was introduced in November 2023. WIF is a memecoin that simply embraces the amusing, quirky image of a literal dog with a hat; it has no ambitious goals or use cases.
WIF has no staking or burning mechanisms and a fixed supply of approximately 998.9 million tokens. Its value is solely determined by speculative activity and public sentiment, which causes massive price fluctuations.
Benefits of Dogwifhat
Dogwifhat's structure and governance are in line with decentralization principles. Dogwifhat is not controlled by a single person or organization because all ownership has been transferred to the WIF holders. This eliminates any possibility of the coin's creator or creators having any influence.
Dogwifhat's $4.1 billion market capitalization places it as the 31st largest cryptocurrency, behind Uniswap (UNI) ($5.2 billion) and Cronos (CRO) ($4.6 billion). The total 998.9 million tokens that Dogwifhat has in circulation are part of its fixed supply. Dogwifhat bases its tokenomics on three fundamental tenets: a fixed supply, no mining, and no minting. Market speculation drives the token's value. The only factor is the altcoin community's positive sentiment.
Disclaimer
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