As a seasoned crypto investor who has seen the rise and fall of many digital tokens, I must say, Monday morning’s 7% spike of Dogwifhat (WIF) had my heart racing. The listing on Robinhood Crypto, a platform I’ve relied on for many of my trades, was indeed an exciting development. However, as a wise investor once told me, “Every time you hear good news about a coin, remember the market can be cruel and the honeymoon won’t last.
On Monday morning, there was a significant 7% increase in the value of Dogwifhat (WIF), pushing it up to $3.65. This surge came shortly after Robinhood announced that they would be making WIF available for U.S. trading. The $WIF token, which has a market cap over $3.28 billion, now shares the platform with only 20 other cryptocurrencies such as Dogecoin (DOGE), marking its inclusion in Robinhood Crypto’s exclusive list.
Since then, the cost of WIF has fallen to $3.23. Based on expert analysis, WIF’s price has been moving in a narrow band. After today’s news, it briefly broke free but soon returned to its usual level. To continue rising, WIF needs to make a clear breakout from this consolidation phase.
If the meme coin manages to move beyond its present price level and finish the day at over $3.75, it shows great promise for a 25% increase, possibly rising to around $4.70 in the short term. If optimism continues to build, the value could even rise higher, potentially reaching $5.
Robinhood’s recent addition of new cryptocurrencies signifies a change in strategy for the company, as it has traditionally adopted a cautious stance towards crypto investments due to regulatory pressure on digital trading platforms. Previously, Robinhood had removed popular tokens like Solana from its platform; however, less than two weeks ago, Solana was reinstated.
Robinhood’s shift towards listing more liberal cryptocurrencies aligns with Donald Trump’s recent re-election, which is expected to bring about less stringent crypto regulations. Analysts propose that this potential regulatory easing could be influencing Robinhood’s openness to include speculative meme coins such as WIF.
There’s growing speculation that Robinhood might be planning to add more meme coins to their platform, as a wallet connected to Robinhood has been observed creating accounts for the meme coin BONK, which is another well-known dog-themed token on the Solana network.
Although Worldwide Interweb Funnel (WIF) has experienced rapid growth, its skeptics point out the lack of a clear and substantial value proposition associated with the digital currency. This is notably different from more established meme coins such as Dogecoin (DOGE).
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2024-11-26 11:32