Memecoin Moo Deng and MEW Surge Following Robinhood Listing

Overview

Robinhood has included two new Solana-based memecoins, Moo Deng and MEW, in its cryptocurrency trading options for U.S. users.

Market Performance

Moo Deng:
- Capitalized at $230 million with a remarkable rise of 836% in May, following viral online popularity.
- Increased another 21% within the last day.
MEW:
- Now boasts a market cap of $368 million, climbing 52% in May and almost 20% over the last 24 hours.

Context

The addition of these tokens signifies Robinhood’s expanding portfolio of meme coins as the regulatory environment becomes more favorable, especially after recent political developments.

Last November, Robinhood also began trading Pepe coins, increasing its total offerings to over 20 cryptocurrencies. This comes after a period of reduced token support in response to regulatory scrutiny.