This Solana Meme Coin Got Listed on Robinhood: Price Impact

Robinhood has broadened its trading offerings in Europe to include Dogwifhat (WIF), a meme coin based on Solana (SOL). This move comes after the token’s value surged nearly 200% within a week.

The inclusion of WIF on Robinhood signifies a pivotal moment for the token. It gained prominence alongside other meme coins like Bonk (BONK) during the Solana network’s meme coin surge in December 2023.

Smart Wallet Accumulates Dogwifhat (WIF) Amid Robinhood Listing

Robinhood incorporated WIF into its trading platform without much prior notice. Consequently, European users can now trade this meme coin.

Following its Robinhood debut, WIF’s price jumped by an impressive 18%, reaching $0.98. This surge set a new all-time high for the token. Now, Dogwifhat is approaching a significant resistance level around the 1.272 Fibonacci retracement at $1.02. This level also represents a psychological resistance where traders might consider taking profits after the week’s notable gains.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Since its launch in late 2023, Dogwifhat has captured significant interest from market participants. It features an image of a developer’s dog wearing a knitted hat, achieving an extraordinary 50,000% increase in price. The token’s rapid rise attracted attention from Binance, which introduced futures trading for WIF with up to 50x leverage.

It is worth noting that an interesting development was observed by the crypto analytics platform Lookonchain. It noted a significant transaction where a new wallet withdrew 16,160 SOL (about $2.15 million) from Binance. This wallet used the funds to purchase 2.43 million WIF at a price of $0.8871.

This activity has raised eyebrows in the community, leading to speculation about the investor’s possible insider knowledge.

“Did [the wallet owner] know something that we don’t,” Lookonchain speculated.

Read more: A Comprehensive Guide on Tracking Smart Money in the Crypto Market

Robinhood’s decision to expand its crypto services to the European Union in early December 2023 is strategic. It marks the brokerage’s efforts to grow its global footprint.