Just weeks after the popular meme coin Dogwifhat (WIF ($0.43)) launched on major centralized trading platforms, Coinbase and Robinhood users that invested in the dog-themed coin are likely licking their paws Tuesday.
WIF’s market cap has plunged by nearly $1.2 billion over the course of three days, as other meme coins in the cryptosphere have also taken a hit. At a current price of $2.83, Tuesday’s 12% drop has accelerated the recent losses, leaving almost anyone that bought WIF on Coinbase and Robinhood ahead of Tuesday morning in the red—on paper, at least.
Both firms listed WIF last month, broadening investors’ access to the coin in the U.S. The moves came not long after Donald Trump’s White House win, which is expected to ease the heightened regulatory scrutiny that both firms face under the current Securities and Exchange Commission.
Meme coins are extremely volatile assets that trade on little more than vibes. That said, Dogecoin’s market cap has topped $70 billion within the past month, and swathes of crypto traders have embraced meme coins this year, propelling recent coins like
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