Dogwifhat Worth Jumps as Solana Meme Coin Joins Dogecoin on Robinhood – Decrypt

Dogwifhat (WIF) jumped in worth on Monday morning after Robinhood introduced that the favored Solana meme coin is now out there for buying and selling on its platform in the USA.

WIF, which surged from worthlessness round this time final yr to a market capitalization in extra of $3.28 billion at writing, has been considered one of 2024’s biggest meme coin success tales. The token now joins simply 19 different crypto tokens out there for buying and selling on Robinhood Crypto, together with Dogecoin, the most important meme coin by market cap.

Upon the Robinhood information this morning, WIF instantly jumped over 7% in a matter of seconds to hit $3.47. It has since settled again right down to $3.35 at writing, however stays up 7% over the previous 24 hours.

Within the final two years, Robinhood has exerted an abundance of warning relating to which crypto property it permits its thousands and thousands of principally stock-focused retail customers to commerce. Within the wake of the U.S. Securities and Alternate Fee (SEC) aggressively ramping up lawsuits in opposition to middlemen providing crypto buying and selling, Robinhood considerably diminished its crypto choices, even slicing out established trade mainstays like Solana. 

Solely lower than two weeks in the past did Robinhood lastly relist Solana, together with numerous meme cash and different tokens.

In including WIF to its choices at present, the corporate now seems to be embracing a way more liberal method to crypto listings. Whereas WIF has proven energy in latest months, no associated venture or worth proposition undergirds the coin’s worth. And in contrast to different time-tested meme cash like DOGE, which has held its personal for a full decade, WIF has existed for barely greater than a yr. 

Robinhood’s sudden about-face on crypto and danger is probably going due to Donald Trump’s re-election earlier this month, which is anticipated to carry with it way more lax rules for the novel trade.

Extra meme cash of latest classic could quickly be becoming a member of WIF on Robinhood. On Monday, hypothesis swirled on Twitter after a crypto dealer appeared to find {that a} Robinhood-affiliated pockets tackle not too long ago created accounts not only for WIF, however for BONK, one other standard dog-themed Solana meme coin.

Decrypt reached out to Robinhood relating to the exercise and whether or not the corporate intends to launch help for BONK within the close to future, however didn’t instantly obtain a response.

Edited by Andrew Hayward