Robinhood lists Dogwifhat meme coin

Robinhood extended its support to big meme coins by listing the popular canine-themed token Dogwifhat.

Dogwifhat (WIF) was the second meme coin added by Robinhood in November after the Menlo Park unicorn listed the Pepe-the-Frog-inspired project Pepe (PEPE). Like Pepe, WIF’s price jumped at the news. Data from crypto.news price pages showed an 8.2% surge less than one hour after Robinhood’s announcement.

Dogwifhat’s market cap increased to $3.3 billion, the fifth-largest meme coin by valuation. Only Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and Bonk (BONK) surpassed WIF in the meme coin hierarchy at press time.

Robinhood’s crypto confidence at ATH

WIF was Robinhood’s latest crypto addition following President Donald Trump’s re-election to the White House. The trading platform first onboarded crypto trading in February 2018 but later scaled back its digital asset offerings amid regulatory uncertainty.

Robinhood delisted coins like Cardano (ADA) and Solana (SOL) in 2023. Meme coins were generally unavailable on the platform as the industry held its breath over crypto’s security status.

ADA, SOL, Ripple (XRP), and two meme coins have been added to the exchange since Trump was declared the winner. There were also rumors that the firm plans to list BONK following PEPE and WIF.

From nothing to Vegas to Menlo Park

WIF launched over a year ago as Solana’s meme coin mania marshaled strength and volume. Its token holders crowd-funded $650,000 in hours to promote Dogwifhat on the Las Vegas Sphere. Months after its debut, WIF broke the $1 billion mark and fueled the Solana meme coin narrative to new highs. Since then, several meme tokens have flooded crypto centralized and decentralized exchanges.

Providers like Pump.fun capitalized on the hype train, creating an easy-to-use platform that allows anyone to launch a meme coin in minutes.

As the meme craze increased, so did desperation among developers seeking to push their tokens higher in valuation. One meme developer set himself on fire during a livestream. The so-called degeneracy evolved after Pump.fun activated its streaming feature. Reports of bestiality, coprophagy, and self-harm concerned Pump.fun users and community observers alike.