Robinhood lists Dogwifhat meme coin

Robinhood has expanded its support for big meme coins by listing the popular dog-themed token Dogwifhat.

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

Dogwifhat’s market cap has risen to $3.3 billion, making it the fifth-largest meme coin by valuation. At the time of this writing, only Dogecoin (DOGE), Shiba Inu (SHIB), PEPE and Bonk (BONK) have surpassed WIF in the meme coin hierarchy.

Robinhood’s crypto trust in ATH

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

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

Since Trump was declared the winner, ADA, SOL, Ripple (XRP) and two memecoins have been added to the exchange. There were rumors that the company was planning to list BONK after PEPE and WIF.

From nothing to Vegas and Menlo Park

WIF was launched a year ago as Solana’s meme money craze grew in strength and volume. Token holders crowdfunded $650,000 within the hour to promote Dogwifhat at the Las Vegas Sphere. WIF surpassed $1 billion within months of its launch, pushing the Solana meme coin narrative to new heights. Since then, various meme tokens have flooded crypto centralized and decentralized exchanges.

Providers like Pump.fun have capitalized on this buzz, creating an easy-to-use platform that allows anyone to mine meme coins in minutes.

As the meme craze grew, so did the desperation of developers looking to raise their tokens to higher valuations. A meme creator set himself on fire during a livestream. The so-called corruption developed after Pump.fun enabled the streaming feature. Reports of bestiality, consortship, and self-harm worried Pump.fun users and community watchdogs.