Robinhood has just added a new memecoin called dogwifhat to its platform. This comes at a time when concerns about the crypto market are growing.

Dogwifhat has really taken off this year. After Donald Trump’s election win on November 5, its value jumped nearly 60%. This coin is inspired by a meme featuring a Shiba Inu named Archi, who wears a cute pink knitted beanie. It’s impressive to note that dogwifhat’s value has increased twentyfold since the start of the year.

Even though memecoins don’t offer much utility beyond speculation, Robinhood continues to roll out more options for retail investors. With 24 million customers, the company is likely to see more interest as the political landscape shifts in January when Trump and the Republicans take control in Washington. Ed Hindi, the chief investment officer at Tyr Capital, a Swiss hedge fund, believes Robinhood’s move may signal a trend among companies looking to tap into the growing interest in crypto.

However, the memecoin scene is not without its issues. Critics have raised alarms about these tokens, calling them irresponsible investments that exploit extreme and troubling online content. For instance, the Solana-based platform Pump.fun allows users to create tokens easily. This has led to some shocking live-stream stunts, including instances of child abuse and animal cruelty.

Changpeng Zhao, co-founder and former CEO of Binance, has voiced his concerns. He urges the community to focus on building real applications using blockchain technology. In response to the backlash, Pump.fun has paused its live-streaming feature until it can establish a better moderation system.

While memecoins have typically been about fun and humor, they are increasingly being used to promote offensive content. This year, several tokens promoting bigotry have appeared on Solana. In response, trading platforms have updated their content moderation policies. Still, some of these problematic memecoins remain active.

Alice Shikova, marketing lead at SPACE ID, describes the current situation for memecoins as an existential crisis. She emphasizes the need for the crypto community to return to its roots of harmless fun. “We need to focus on memes of pets instead of disturbing content,” she says.

In the midst of all this, dogwifhat stands out in the memecoin frenzy, especially on Solana. Launched last November, it is now the fifth most valuable memecoin, with a market cap of $3 billion, according to CoinGecko. Dogecoin holds the top spot, followed by Shiba Inu, Pepe, and Bonk. Interestingly, Pepe is the only one that doesn’t feature a dog as its mascot.