Without much fanfare, Robinhood listed two Solana-based meme coins: Moo Deng (MOODENG) and Cat in a Dog’s World (MEW). Both assets immediately jumped nearly 20% in the aftermath.
Both tokens will be the 11th and 12th meme coins to be listed on the platform. Meanwhile, some social media users worried about market manipulation due to MOODENG’s recent gains and MEW’s comparative obscurity.
MOODENG Jumps from Robinhood Listing
Robinhood, a popular broker-dealer app, has been substantially expanding its crypto revenue recently. In the past, its listings have shown mixed results, occasionally failing to move an asset despite a general pattern of success.
Today, Robinhood abruptly announced the listing of two meme coins, MOODENG and MEW, sparking dramatic gains.
Of Robinhood’s two newest Solana-based meme coins, MOODENG had the faster gains. Earlier this month, it had a 612% weekly rally, a wave that proved durable.
Throughout May, the meme coin has displayed remarkable growth, although it remains very far from its all-time high. After today’s listing, it spiked nearly 19%, although this growth quickly tapered off.
MEW, for its part, has been comparatively quiet since buyer exhaustion caused a price correction in late 2024. This meme coin rose approximately 17%, yet its value remains very far behind MOODENG.
Despite MOODENG’s massive gains, some prominent accounts alleged unspecified foul play in this Robinhood deal. Between one coin growing quickly and the other spending months in relative obscurity, Robinhood’s business decision didn’t make sense for some traders.
MOODENG’s rise may have been dramatic, but there isn’t any concrete evidence of market manipulation on Robinhood’s part. As always, crypto investors should remain cautious of potential scams.
Robinhood is enjoying fresh success after the SEC closed its probe in February. There isn’t a good reason to alienate a loyal user base when things are looking up.
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