The memecoin Dogwifhat (WIF), built on Solana, has been added to Upbit, a major South Korean exchange, for spot trading in Korean won, Bitcoin, and USDT pairs. This move, announced on May 6, provides WIF with access to one of Asia’s most active retail crypto markets.
Upbit specified that WIF transactions would only be supported via the Solana network. Users were reminded to verify the network and token contract before making transfers. The exchange also listed the specific contract address for WIF and warned that unsupported deposits might require a refund process.
To manage early trading volatility, Upbit implemented standard controls, including a five-minute restriction on buy orders after trading began and limitations on certain sell orders and order types for about two hours. These measures are typical for new listings to stabilize order flow as liquidity develops.
Following the announcement, WIF’s price saw a notable uptick. Data from Crypto.news recorded WIF trading at $0.241142 on May 6, marking a 25.35% increase over 24 hours. The token’s 24-hour volume reached $217.36 million, with a market cap of $240.9 million, and it posted a 33.73% gain over the week. Despite this rally, WIF remains far from its all-time high of $4.83 from March 31, 2024.
Dogwifhat is a memecoin based on an internet meme of a Shiba Inu in a pink hat. Upbit describes it as a community-driven token, but such assets often rely on social hype rather than fundamental value. The exchange cautioned that digital assets can experience rapid price swings, a risk heightened by new listings that may attract speculative traders.
Data from Pump.fun, highlighted in a previous Crypto.news report on Solana memecoin trading, underscores the risk: between 49% and 50.6% of tracked wallets incurred losses in March 2026. This context is relevant for WIF, as its value is heavily influenced by market sentiment and trading activity.
The Upbit listing adds to Dogwifhat’s growing exchange presence. Robinhood listed WIF in November 2024, and Coinbase expanded trading to New York users later. However, the token has also faced controversies, such as scrutiny over a delayed Las Vegas Sphere campaign linked to Dogwifhat supporters.