Robinhood Expands Meme Tokens Portfolio

Robinhood recently listed Pudgy Penguins (PENGU), POPCAT, and Peanut the Squirrel (PNUT) as it expands into meme tokens.

The exact parameters of these listings remain uncertain. Robinhood posted a link to a PNUT page, which was inactive initially, but later confirmed the listings via an official post on X (formerly Twitter). Pudgy Penguins also acknowledged their new listing, which aims to enhance their mainstream reach.

> PENGU ($PENGU), PNUT ($PNUT), and POPCAT ($POPCAT) are now available to trade on Robinhood.
> GM. twitter.com/RobinhoodApp

Following the excitement about the new listings, Robinhood’s latest addition to their app was Arbitrum (ARB) listed on March 5. While the platform has been cautious with adding new crypto assets, they are actively engaging crypto traders through social media updates.

Historically, Robinhood has played a significant role in increasing crypto adoption. Despite being late to add Dogecoin (DOGE), it eventually included several popular meme tokens.

Currently, Pudgy Penguins is listed as an asset on Robinhood, while PNUT and POPCAT are potential candidates for trading. Robinhood has previously included tokens like PEPE, BONK, WIF, and SHIB, which emerged as liquid meme assets. However, the latest additions may feature tokens that are considered less liquid. PENGU holds strong visibility with a blue-chip status, while POPCAT and PNUT might showcase higher volatility.

As of now, Robinhood’s known wallet does not have deposits of the new listings. If approved, these tokens could introduce new liquidity into the declining meme market. Though Robinhood’s listings tend to lag behind crypto trends, they often rejuvenate trading through new retail interest.

Current Market Performance of POPCAT, PENGU, and PNUT

All three assets are trading near their lows:
– POPCAT has seen a significant drop in its user base over the last three months, with 76% of whale wallets exiting. It maintains a community focus, possibly aiming for resurgence during the next meme cycle.
– PENGU has lost over 30% of its holders recently, unable to keep up with more trending meme tokens. However, it remains a liquid option that may recover, especially with the backing of the popular Pudgy Penguins brand.
– Peanut the Squirrel (PNUT) experienced initial success during the 2024 US elections but is currently trading around $0.16, showing residual effects of listings on platforms like Binance.

PNUT is assessed as riskier due to its short-lived nature as a meme token that lost over 90% of its value during peak market activity. More support will be necessary for it to gain traction again.

Memes have shown the capacity for rapid comebacks, especially when popularized. Investors, particularly whale traders, remain cautious as the meme market strives to regain pre-November 2024 levels.

Conclusion: A Tentative Time for Meme Listings

The new Robinhood listings, if confirmed, could generally be perceived as a positive move in a relatively pessimistic market for altcoins and memes, with Bitcoin also experiencing struggles above $80,000. The announcement led to minimal market movement, suggesting waning interest, with all three assets witnessing a rise of less than 20%. Nonetheless, this listing could indicate a budding market recovery for established, liquid meme options. POPCAT still retains its Coinbase listing, alongside new support on Solana.