Solana’s Dogwifhat Slips 13% Despite Likely Robinhood Listing

Bitstamp’s hourglass emoji with flowing sand piques the interest of WIF holders: Robinhood to wear the hat next?

The circus presenting Dog Wif Hat - #WIF.
Created by Kornelija Poderskytė from DailyCoin
  • Bitstamp hints at Dogwifhat’s listing on Robinhood with an hourglass emoji.
  • Despite the WIF community’s excitement, Dogwifhat slid further by 13.3%.
  • Fragile liquidity on Spot markets imposes extra hurdles for WIF’s rebound.

Solana’s Dogwifhat (WIF) is approaching a critical moment in adoption, as Bitstamp, a popular European cryptocurrency exchange, has hinted at listing WIF on Robinhood. Robinhood is one of the most popular retail crypto platforms in the United States, and Bitstamp was acquired by Robinhood in June 2024.

Robinhood to Wear the Hat Next?

With Robinhood’s planned expansion into the European Union, it is now well-positioned to expand crypto services to the European market, possibly including meme coins that showcased the highest demand among American crypto traders. WIF’s fairytale story since its inception in December 2023 has been nothing short of fascinating.

From a starting point of $0.001555 on December 13, 2023, WIF soared by 118,727% to claim a record price of $4.83 on March 31, 2024. As the meme bull cycle produced a lengthy roster of winners, including a triple-digit run for bigger peers like Shiba Inu (SHIB) and Dogecoin (DOGE), WIF’s market value stands out as unusually large for a dog-themed meme coin.

Dogwifhat Flops to 3-Month Low

Dogwifhat has plunged below $2 for the first time since March 8, 2024. At a limited supply of 998,926,392 WIF tokens, the meme coin remains one of the most scarce meme coins by supply on Solana. However, Dogwifhat’s slim liquidity could impose another challenge for the coin.

WIF’s combined orders across spot markets over the past 24 hours have totaled $1,000,814. To compare, Pepe (PEPE) stood at $8,831,488 in combined orders over the same time frame, despite the two meme coins battling each other for the third-largest status by global market cap.

As of press time, Dogwifhat is changing hands at $1.90, having fallen 13.3% over the past 24 hours.

On the Flipside

  • For the past month, WIF has remained popular among derivatives traders, trading in a downward parallel channel.
  • To illustrate, WIF scored a 20.5% increase in Derivatives trading volume despite witnessing hefty long position liquidations.
  • Out of $1.41 million in WIF liquidations, $1.3 million came from long leveraged positions on WIF in the latest 24-hour timeframe.

Why This Matters

Major exchanges expanding their service offerings with popular meme coins open new opportunities for experienced traders and beginning crypto enthusiasts.

Sponsored

Read DailyCoin’s latest crypto stories:
Polygon (MATIC) Takes Aim at Optimistic Rollups in Scathing Ad
Vitalik on Crypto’s “Idealist Hippies”: “We’re Still Here!”

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.