Robinhood continues to diversify its cryptocurrency portfolio by adding two Solana-based memecoins to its trading platform for U.S. customers: Moo Deng (MOODENG) and Cat in a Dog’s World (MEW). These inclusions mark a significant expansion in response to the growing popularity of memecoins and the evolving digital currency landscape.
Moo Deng, inspired by a baby pygmy hippo, has seen remarkable success this month, achieving a market cap of $230 million after its meme went viral in 2024. Notably, the token experienced an astronomical increase of over 836% in May alone and has jumped another 21% in value over the past 24 hours. The meteoric rise can be attributed to both social media virality and a robust demand for unique, community-driven tokens.
On the other hand, Cat in a Dog’s World, a token centered around the feline motif, debuted in March 2024 and quickly gained traction during the Solana meme coin frenzy. As of now, it stands at a $368 million market cap, buoyed by a 52% price increase in May and a nearly 20% surge in the last 24 hours. This growth indicates a strong interest in unique thematic tokens in the digital marketplace.
The latest additions bolster Robinhood’s growing list of memecoins, following the platform’s recent inclusion of Pepe Coin (PEPE) in November. The broader cryptocurrency market is also witnessing a shift as the regulatory landscape grows more accommodating, especially after the election of pro-crypto leaders, including President Donald Trump last year.
Currently, Robinhood supports trading for over 20 cryptocurrencies. This expansion comes on the heels of its decision to end support for several tokens in 2023 amid a crackdown on crypto by the former Securities and Exchange Commission Chair, Gary Gensler. With the evolving legal environment and increasing consumer interest in meme-based tokens, Robinhood is positioning itself strategically to cater to this burgeoning market.
