Coinbase IPO triggers WIF gold rush
Since Dogwifhat was listed on Coinbase on Wednesday, investors have been flocking to the platform.
Coinbase has 105 million users, many of whom are closer to beginners and are particularly interested in meme coins and simple, low-tech crypto assets.
Agile traders understood this and bought WIF as soon as possible. As a result, its price surged to a high of $4.59 today.
Analyst Sito noted that the Coinbase listing was the catalyst for Shiba Inu’s market value to rise 1,800% to $43 billion in 2021, and that this took only 42 days.
If this is anything to go by, Dogwifhat will see even more growth in the coming weeks.
Trader points to $10 price target for Dogwifhat
Analyst Bluntz predicts that WIF will reach $10 by early 2025, noting that it is currently forming an inverted head and shoulders pattern.
Bluntz also highlighted that WIF showed strong volume at the time of the breakout, which increases the likelihood of achieving the $10 target.
Another trader named Contra also has a target of around $10, noting that WIF has started to make higher highs.
Dogwifhat will surely be able to break through the $10 barrier, driven by the Coinbase listing and the strength of its current breakout.
But as mentioned above, small-cap meme coins continue to outperform large-cap meme coins during this rally. For example, Peanut the Squirrel surged 1,500% this week, while nomnom is up 590%.
Meanwhile, there has been a sudden transfer of wealth in the Crypto All-Stars pre-sale, which has managed to raise over $3.6 million.
Traders Turn to Crypto All-Stars Presale – The Next 100X Meme Coin?
Crypto All-Stars is a new proof-of-stake application that allows users to earn passive income through their meme coins.
The meme coin industry just reached its all-time high market cap of over $125 billion, which means a lot of liquidity could be pouring into the platform.
The key is: the user must hold $STARS.
The amount they hold determines their staking APY, creating a situation where holders of all the top meme coins are competing for a single token.
Crypto All-Stars will initially support staking of 11 meme coins, including Dogecoin, Shiba Inu, Pepe, Bonk, and Mog Coin.
However, its website states that it will add more meme coins later, which will open it up to more users and create more demand for $STARS.
The demand for $STARS will be tied to the performance of the meme coin market.
And, with the memecoin market valued at $125 billion, $STARS’ $3.6 million in liquidity could surge by orders of magnitude as word spreads.
Analyst Cryptomania even said its price could increase 100 times.
