Cryptocurrency exchange Coinbase has published an announcement about the launch of Dogwifhat (WIF) cryptocurrency listing.
WIF is a popular meme coin created on the Solana blockchain. WIF has established itself as a cryptocurrency to watch. The coin's success is largely due to a thriving community committed to the project's growth.
According to Coinbase Exchange official X (Twitter) page, the Dogwifhat ecosystem's WIF token will be available for perpetual futures trading on Coinbase International Exchange and Coinbase Advanced. The WIF-PERP will launch no later than 9:30 a.m. World Coordinated Time on April 25, 2024.
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Following the announcement of its listing on a major US exchange, the price of Dogwifhat rose 16.8% in 24 hours, making it one of the growth leaders in the meme coin space.
At the time of writing, WIF was trading at $2.45, and the token has gained 8.2% in the last hour.
Ahead of the listing, Dogwifhat's X (Twitter) pfofile featured an image of "Coinbase in a hat," highlighting the significance of the event for the meme token.
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This significant token growth reflects the "Coinbase Effect," where digital tokens experience a surge in value after being listed on Coinbase.
Research from Messari, a cryptocurrency analytics firm, confirmed the Coinbase effect by analyzing the first five days of trading for various tokens after their launch on Coinbase and comparing their performance to listings on platforms such as Binance, OKX, and Kraken.
"Coinbase listings have the highest average return at 91% but also have the widest range, ranging from -32% to 645%. If the 91% average return for WIF works out, the price of Dogwifhat could rise high enough to return to the top of the range at $4.86," explained Messari expert Roberto Talamas.
At the moment, the entire crypto market is waiting for the main event of the year – the halving of Bitcoin. Altcoins are waiting for BTC signals; a demonstration of Bitcoin price strength could lead to an increase in WIF prices. However, amid the heightened risk level, bearish sentiment is growing in the market, and BTC bulls are still not showing a firm stance.
Related: Long-term BTC holders increased activity during the price collapse
