DogWifHat (WIF) rallies after Robinhood adds new listing

Robinhood chose another dog-themed meme for its next listing. DogWifHat (WIF) traded near its one-month peak after it was added to the app’s list for mainstream trading. 

The expansion of meme space into mainstream fintech will not stop. Robinhood expanded its selection of dog-themed memes after adding DogWifHat (WIF). The practice of the investment and fintech app was to add blue-chip memes with established liquidity and other listings. 

GM. dogwifhat ($WIF) is now available to trade on Robinhood Crypto. pic.twitter.com/grjjXidNzo

— Robinhood (@RobinhoodApp) November 25, 2024

For DogWifHat, its status as both an animal meme and a cult finally paid out, as the asset lined up among top Solana tokens. This is the third big dog-themed meme, after listing Dogecoin (DOGE) and ShibaInu (SHIB). Robinhood has also added PEPE and BONK, which also built cult communities despite high volatility. Robinhood will list the token’s Solana version, not allowing deposits for the Ethereum and Base versions. The token offers a direct purchase option for fiat buyers in euro. 

The new listing is in line with Robinhood’s increased crypto traffic and earnings in Q3. Revenues from crypto activity reached $637M in the quarter ended September 30, up 36% year-on-year. The period was a historically strong quarter, even with limited crypto listings and performance. One of the strongest quarters for Robinhood was followed by even more robust crypto performance in October and November, leading to more confidence in expanding the asset portfolio.

After the listing, WIF traded at $3.29, still under this month’s peak values above $4. The Robinhood listing also boosted WIF trading volumes after a stagnant week, reaching $1.29B in 24 hours. WIF searches on Google also peaked to 100 points immediately after the listing, showing an immediate response in exploring the new asset. Among European countries, Finland and Norway had the biggest increase in searches.

Will DogWifHat (WIF) break its $10 goal?

One of the goals of the WIF community is to hold and boost the token on social media, with the view of reaching the $10 value. There are still signs that the meme rally is far from over, while FLOKI, WIF, and SHIB are the top gainers for the past week. 

The WIF expansion may follow the scenario of DOGE and SHIB, where Robinhood trading added to the most explosive part of their cycles, sending them to all-time highs. According to meme token influencer Murad Mahmudov, the WIF listing is another addition to the meme super cycle, spreading former crypto insider assets to mainstream investors. The token also had an endorsement from top meme influencer Ansem, though still not necessary for a big daily rally.

This time around, WIF was added to the Euro Area market for Robinhood, with a euro purchase price. WIF is available on Coinbase for US-based traders, in addition to its Binance and DEX listings for worldwide access. 

For now, the listing helped reverse the WIF price drop, though it is yet to add a vertical rally. WIF will now face a demand challenge, as at least 30% of its supply is on exchanges, or held by whales. 

WIF is also relatively volatile, as the immediate news led to some selling. WIF also got listed during a period of negative sentiment and declining activity, as funds moved to other memes. The former cult token expanded its listings at a time when Chillguy was the trending meme, adding to the relatively weak rally response for WIF. The token had a long-running cult activity, but was outcompeted by the generation of TikTok memes, CHILLGUY and QUANT. 

WIF also got its onboarding on a day when both Bitcoin (BTC) and Solana (SOL) rallies lost steam, potentially taking down other tokens. The result was a much smaller listing rally compared to other memes. 

WIF is also prone to 70% drawdowns, which challenge the community to hold through the volatility. The value of WIF partially comes from the readiness to never sell, while awaiting for WIF to reprice to a much higher range. 

The token is also used as a collateral in DeFi, leading to a big holding in the wallets of Kamino Reserve 3. Wintermute, one of the leading market makers, also holds more than 9% of the WIF supply.

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