WIF price surges more than 25% in a few hours. Trading volume is massive.
What caused this rally? South Korea’s largest crypto exchange listed WIF. Plus, the broader crypto market is showing bullish momentum.
Upbit Lists Dogwifhat
On May 6, Upbit made an official announcement. The exchange revealed plans to list dogwifhat.
The news sparked massive reactions within the crypto community. As a result, WIF is now available for trading in KRW, BTC, and USDT pairs.
This opens the token to a huge new audience. South Korea remains one of the world’s most active crypto markets. Users can start trading WIF at 16:00 KST today.
Historically, Upbit listings act as a catalyst for meme coins. They provide liquidity, visibility, and strong buying pressure.
However, the exchange issued a warning. Deposits and withdrawals are supported only on the Solana network.
“Please be sure to check the network before depositing digital assets,” Upbit said. “Deposits and withdrawals via networks other than the listed networks are not supported.”
WIF Price Surges on Upbit Listing
WIF broke through key trendline and resistance levels. The token climbed from around 0.19tohighsnear0.19tohighsnear0.25.
The price action shows strong bullish momentum. In fact, dogwifhat is outperforming many peers in the memecoin sector.
Currently, WIF trades at $0.241. Trading volume has jumped by more than 416%.
Other Solana-based meme coins are also rising today. The community is moving quickly to capitalize on the Upbit listing news.
Derivatives Market Shows Massive Buying
According to CoinGlass data, the derivatives market saw huge buying in the last few hours.
Total WIF futures open interest has surged almost 50% to $160.96 million in the past 24 hours. Moreover, the 4-hour dogwifhat futures open interest rose more than 37%.
Looking at specific exchanges: WIF futures OI on Binance climbed more than 48%. On OKX, it rose 49.50%. On Bybit, it jumped 72%.
Nevertheless, traders should keep an eye on potential profit booking. Sharp rises often lead to pullbacks.