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Home»ALTCOIN NEWS»Solana’s Dogwifhat fell 13% despite a possible Robinhood listing.
ALTCOIN NEWS

Solana’s Dogwifhat fell 13% despite a possible Robinhood listing.

By Crypto FlexsJune 21, 20242 Mins Read
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Solana’s Dogwifhat fell 13% despite a possible Robinhood listing.
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  • Bitstamp hints at Dogwifhat’s Robinhood listing with an hourglass emoji.
  • Despite the excitement in the WIF community, Dogwifhat fell a further 13.3%.
  • Weak liquidity in the spot market imposes additional obstacles to WIF’s rebound.

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

Robin Hood to wear a hat next?

As Robinhood plans to expand into the European Union, it is now well-positioned to expand its cryptocurrency services to European markets, including its meme coins, which have seen the most demand among U.S. cryptocurrency traders. Since its founding in December 2023, WIF’s fairy tale has been truly captivating.

From an opening price of $0.001555 on December 13, 2023, WIF soared 118,727% to hit a record price of $4.83 on March 31, 2024. Peers like Shiba Inu (SHIB) and Dogecoin (DOGE), WIF’s market cap is unusually large compared to dog-themed meme coins.

Dogwifet falls to 3-month low.

Dogwifhat fell below $2 for the first time since March 8, 2024. With a limited supply of 998,926,392 WIF tokens, the meme coin remains one of the most scarce meme coins in supply on Solana. However, Dogwifhat’s lack of liquidity could pose another challenge for the coin.

Learn more

The total order volume for WIF in the spot market over the last 24 hours totaled $1,000,814. By comparison, Pepe (PEPE) had a total order volume of $8,831,488 during the same period, despite the two meme coins vying for the third-largest position by global market capitalization.

As of press time, Dogwifhat is trading at $1.90, down 13.3% in the last 24 hours.

On the flipside

  • Over the past month, WIF has remained popular among derivatives traders as it has been trading in a downward parallel channel.
  • For example, WIF saw a 20.5% increase in derivatives trading volume despite large amounts of long position liquidation.
  • Of the $1.41 million liquidated by WIF, $1.3 million came from WIF’s long leveraged positions in the last 24 hours.

Why This Matters

Major exchanges expanding their service offerings with popular meme coins open up new opportunities for experienced traders and novice cryptocurrency enthusiasts.

Read DailyCoin’s latest cryptocurrency stories:
Polygon (MATIC) aims for a bullish rollup from scathing ad.
Vitalik on Crypto’s “idealistic hippies”: “We’re still here!”

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