Dogwifhat (WIF) jumped in value on Monday morning after Robinhood announced that the popular Solana meme coin is now available for trading on its platform in the United States. WIF, which surged from worthlessness around this time last year to a market capitalization in excess of $3.28 billion at writing, has been one of 2024’s greatest meme coin success stories. The token now joins just 19 other crypto tokens available for trading on Robinhood Crypto, including Dogecoin, the largest meme coin by market cap.
Upon the Robinhood news this morning, WIF immediately jumped over 7% in a matter of seconds to hit $3.47. It has since settled back down to $3.35 at writing, but remains up 7% over the past 24 hours. In the last two years, Robinhood has exerted an abundance of caution regarding which crypto assets it allows its millions of mostly stock-focused retail users to trade. In the wake of the U.S. Securities and Exchange Commission (SEC) aggressively ramping up lawsuits against middlemen offering crypto trading, Robinhood significantly reduced its crypto offerings, even cutting out established industry mainstays like Solana.
Only less than two weeks ago did Robinhood finally relist Solana, along with a number of meme coins and other tokens. In adding WIF to its offerings today, the company now appears to be embracing a much more liberal approach to crypto listings. While WIF has shown strength in recent months, no related project or value proposition undergirds the coin’s value. And unlike other time-tested meme coins like DOGE, which has held its own for a full decade, WIF has existed for barely more than a year.
Robinhood’s sudden about-face on crypto and risk is likely thanks to Donald Trump’s re-election earlier this month, which is expected to bring with it much more lax regulations for the novel industry. More meme coins of recent vintage may soon be joining WIF on Robinhood. On Monday, speculation swirled on Twitter after a crypto trader appeared to discover that a Robinhood-affiliated wallet address recently created accounts not just for WIF, but for BONK, another popular dog-themed Solana meme coin. Decrypt reached out to Robinhood regarding the activity and whether the company intends to launch support for BONK in the near future, but did not immediately receive a response.
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