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Sunday, July 14, 2024

Trending Meme Coin WIF Explodes Following Listing on Major Retail Trading Platform

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TL;DR

  • Dogwifhat (WIF) hits a new peak of $0.94, approaching a $1 billion market cap.
  • The meme coin market experiences significant gains, but remains volatile and risky.

The rally of Dogwifhat (WIF) seems unstoppable, with its price tapping a fresh all-time high of $0.94 (per CoinGecko’s data) a few hours ago. Its market capitalization neared the staggering $1 billion mark, making it the fifth-largest meme coin.

WIF Price, Source: CoinGecko

The latest upswing was likely fueled by Robinhood’s decision to allow trading services with WIF. The development was first disclosed by the popular Chinese reporter Colin Wu, while the official website of the investment platform also shows that the Solana-based meme coin is indeed among the supported digital assets.

WIF’s triple-digit surge in a week has caught the eye of numerous industry participants. Arthur Hayes – co-founder and former CEO of BitMEX – recently posted a chart of the coin’s massive price increase on X, asking, “Who is WIF me?”

A few months later, he jokingly shared a photo of him wearing a hat (referring to the token’s name and logo).

WIF is not the only meme coin to have experienced a colossal price increase as of late. Floki Inu (FLOKI) is up 65% on a 7-day scale, Bonk Inu (BONK) has pumped by 87%, while Pepe Coin (PEPE) has exploded by 150%.

The leaders in the realm – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also well in the green, albeit in a more modest fashion.

Despite the overall bullishness and the chances of making substantial profits, traders should keep in mind that dealing with meme coins could be quite dangerous due to their infamous volatility.

Those wanting to learn more about the niche, the different types of tokens, and the risks associated with them, feel free to watch our dedicated video below:

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