Dogwifhat (WIF) experienced a notable 7% spike Monday morning, reaching $3.65 shortly after Robinhood announced its listing of the Solana-based meme coin for U.S. trading. The $WIF token, a meme coin with a market cap exceeding $3.28 billion, joins an exclusive list of just 20 cryptocurrencies available on Robinhood Crypto, including Dogecoin (DOGE).
WIF’s price has since dropped to $3.23. Expert technical analysis indicates that WIF’s price has been trading within a narrow range. After today’s announcement, it temporarily broke out but quickly returned to this level. To sustain further gains, WIF must decisively break out of this consolidation zone.
If the meme coin breaks out of its current range and closes a daily candle above $3.75, it has a strong potential to surge by 25%, potentially reaching $4.70 in the near future. Should positive sentiment persist, the price could further climb to $5.
The listing marks a significant shift for Robinhood, which has taken a conservative approach to crypto offerings amid the SEC’s crackdown on crypto trading platforms. The company had previously delisted several major tokens, including Solana, which was reinstated less than two weeks ago.
Robinhood’s pivot toward more liberal crypto listings coincides with Donald Trump’s recent re-election, which is anticipated to usher in relaxed crypto regulations. Analysts suggest that this regulatory shift may be driving Robinhood’s willingness to embrace speculative meme coins like WIF.
Speculation is also mounting that Robinhood may soon list additional meme coins. Crypto enthusiasts pointed to a Robinhood-linked wallet creating accounts for BONK, another popular dog-themed Solana token.
Despite WIF’s meteoric rise, critics highlight the absence of a tangible value proposition behind the coin, contrasting it with longer-established meme coins like DOGE.
