The cryptocurrency market experienced a notable surge over the past 24 hours, largely spurred by Bitcoin (BTC) reaching a new all-time high of $91,434. This upswing has had a ripple effect, propelling the value of several key memecoins, particularly Ethereum-based Pepe ( $PEPE ) and Solana-based Dogwifhat ( ). Both tokens have seen significant price increases, with PEPE soaring over 80% to reach a new high of $0.00002524 and nearing a market capitalization of $10 billion, while WIF gained over 40%, now trading at $4.11.
Major Exchange Listings Fueling PEPE and WIF Gains
The recent momentum behind PEPE and WIF can be largely attributed to a spate of high-profile exchange listings. Today, PEPE was listed on Upbit, South Korea’s largest exchange, following yesterday’s listings on Robinhood and Coinbase. Meanwhile, Dogwifhat (WIF) received its own Coinbase listing shortly after PEPE. These listings have helped catalyze a sharp rise in interest and demand, driving the tokens’ substantial gains.
Market Outlook for PEPE and WIF
Following these listings, both PEPE and WIF have demonstrated strong bullish potential. Here’s a closer analysis of the outlook for each token:
Pepe (PEPE)
PEPE saw significant upward momentum after breaking out of a descending triangle pattern on November 7 at $0.00001070. The token capitalized on the recent listing news to surpass its previous all-time high of $0.00001718, hitting a new peak of $0.00002524. Currently trading at $0.00002357, PEPE remains above a crucial support level at $0.00002235.
Should this support level hold, PEPE could potentially extend its rally, targeting the upper trendline on its chart, which could represent an additional 50% increase from its current price. However, in the event of a pullback, PEPE may revisit its $0.00002235 support level, with a reversal from this level potentially setting the stage for renewed upside.
Dogwifhat (WIF)
WIF has similarly shown robust momentum, breaking out at $2.68 on November 11. The Coinbase listing helped drive WIF’s price close to its all-time high resistance level of $4.85, though it faced a mild rejection and is now trading around $4.09, which coincides with a key support level.
If WIF maintains its current support, the token may attempt another test of its all-time high resistance. On the downside, a failure to hold this level could lead WIF to retest support at $3.59, a level that may provide a foundation for a bounce back towards previous highs.
Conclusion
The recent exchange listings have triggered strong bullish momentum for both PEPE and WIF, pushing PEPE to new all-time highs and bringing WIF close to its peak. Should these tokens maintain their current support levels, they appear well-positioned for further gains in the short term, with PEPE potentially targeting a 50% rise and WIF eyeing a return to its all-time high. However, a breakdown below these support levels could prompt retests of lower levels before either token resumes an upward trajectory.
As always, investors are encouraged to monitor support levels closely and consider the potential for market volatility in these speculative assets.
