Without much attention, Robinhood has listed two Solana-based meme coins: Moo Deng (MOODENG) and Cat in a Dog's World (MEW). Both assets immediately surged nearly 20% afterward.
These two tokens will be the 11th and 12th meme coins listed on the platform. Meanwhile, some social media users are concerned about market manipulation due to the recent price increase of MOODENG and the lesser-known MEW.
Moodeng Surges Thanks to Robinhood Listing
Robinhood, a famous brokerage app, has recently significantly expanded its cryptocurrency revenue. In the past, their listings have shown mixed results, sometimes unable to increase asset value despite a generally successful model.
Today, Robinhood unexpectedly announced the listing of two meme coins, MOODENG and MEW, causing a strong price surge.
MOODENG price performance. Source: CoinGeckoAmong Robinhood's latest Solana-based meme coins, MOODENG saw a faster increase. Earlier this month, it experienced a 612% surge in a week, a wave that proved its sustainability.
Throughout May, this meme coin has shown significant growth, though still far from its ATH. After today's listing, it increased by nearly 19%, although this growth quickly diminished.
MEW, for its part, has been quite quiet since buyer fatigue caused a price correction at the end of 2024. This meme coin increased by around 17%, but its value remains far behind MOODENG.
Despite MOODENG's large increase, some prominent accounts have alleged undefined fraud in Robinhood's deal. Amid a rapidly growing coin and another coin experiencing months of obscurity, Robinhood's business decision seems unreasonable to some traders.
MOODENG's growth may have been impressive, but there is no specific evidence of market manipulation by Robinhood. As always, cryptocurrency investors should be cautious about potential scams.
Robinhood is enjoying new success after the SEC closed its investigation in February. There's no reason to upset a loyal user base when things are progressing well.
