Can Upbit’s new listing extend Dogwifhat’s WIF rally?
South Korea’s largest crypto exchange Upbit has added Solana memecoin Dogwifhat (WIF) to its spot markets, opening KRW, BTC and USDT trading pairs and giving the token access to one of Asia’s most active retail crypto markets. Upbit published the listing notice on May 6.
What the listing includes
- Supported markets: KRW, BTC, USDT.
- Network: deposits and withdrawals are Solana-only. Users were warned to verify the network and token contract before sending funds.
- Token contract listed by Upbit: EKpQGSJtjMFqKZ9KQanSqYXRcF8fBopzLHYxdM65zcjm.
- Unsupported deposits may require a refund process and could take time.
Early trading controls
Upbit applied standard protections around the new listing: buy orders were restricted for roughly five minutes after trading opened, and some sell orders and order types were limited for about two hours. These measures are designed to dampen volatile order flow while liquidity builds.
Market reaction and metrics
The listing sparked a price jump: Crypto.news data showed WIF at $0.241142 on May 6, up 25.35% over 24 hours and up 33.73% over seven days. That same snapshot reported a 24-hour trading volume of $217.36 million and a market cap of $240.9 million. WIF remains far below its 2024 peak—its all-time high was $4.83 on March 31, 2024.
Context and risk
Dogwifhat is a Solana-based memecoin inspired by an internet image of a Shiba Inu wearing a pink knitted hat. Upbit described WIF as a “community-based meme token,” but memecoins typically derive value from social attention rather than fundamental business utility—so heightened caution is warranted. New exchange listings often attract speculative, short-term trading and can amplify price swings.
Past listings and controversies
WIF has already appeared on major platforms: Robinhood listed the token in November 2024, and Coinbase later expanded WIF trading to New York users. The project has also faced scrutiny, including questions around a delayed Las Vegas Sphere campaign tied to supporters.
Broader warning
A prior industry report underscored the risks of memecoin trading: Pump.fun data showed roughly 49% to 50.6% of tracked wallets lost money in March 2026. Investors should weigh the volatility and community-driven nature of tokens like WIF before participating.
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