dogwifhat: WIF jumps 44%, breaks April’s $0.225 high on Upbit news

Recently, the altcoin market has been performing fairly well, with memecoins among the top gainers. For instance, dogwifhat [WIF] rose by more than 26% in the past 24 hours, coming in third among the top 200 coins by market cap.

On that note, what was really behind this meteoric rise of the memecoin, and can the breakout be sustained?

Why is WIF up today?

The expansion into the largest crypto exchange in the Asian market mainly drove the surge in the price of WIF.

According to a post by Upbit Korea, they will support WIF trading on pairs that include KRW, BTC and USDT. This led to high speculative trading, with the memecoin rising over 44% at the time of listing.

The daily trading volume of WIF jumped over 300%, reaching $220 million. This affirmed the high trading activity, which further reflected the on-chain activities of whales.

As per Solscan, whales have been accumulating WIF immensely, with orders between $100K and $1 million dominating. Over 300 holders were added after the Upbit listing.

For whales buying WIF worth between $1 million and $10 million, more than seven transactions were made in a day.

Furthermore, the token TVL increased from $5.225 million to $5.829 million.

From the data, it was quite evident that capital was flowing into the memecoin. These figures explained why WIF was pumping, but can these whales keep the memecoin strong?

WIF breaks past April’s high

Looking at the price action of WIF, the memecoin broke above April’s high of $0.225. This was a key resistance level.

Hence, it indicated a break of structure on the 2-hour timeframe after two weeks of consolidation between $0.175 and $0.200.

Momentum indicators are also showing strength in the uptrend, even though it was retracing. The On-Balance Volume (OBV) rose from -600 million to -500 million. These figures indicated a reduction in sell orders.

However, after the price hit $0.28, sellers returned and pushed back. Since then, the gains have been reduced from 44% to 26%, a sign of profit-taking.

Going forward, staying above April’s high could mean the start of a new trend. Still, the memecoin is down over 95% from an all-time high of $4.86.

Therefore, if whales continue accumulating, WIF might hold above the breakout level. Otherwise, the memecoin would drop back into the range that had confined it for more than a month.

Final Summary

• dogwifhat surged 26% after its listing on Upbit, with daily trading volume increasing by more than 300%. 
• WIF broke above the previous month’s high of $0.225, but the price action is retracing.