Solana Tokens Surge 5-20% Post-Robinhood Listing, Dogecoin Stable
1min read Three Solana tokens—Pudgy Penguins’ PENGU, Peanut the Squirrel (PNUT), and Popcat (POPCAT)—have all seen significant gains in the last 24 hours, while Dogecoin (DOGE), the leading meme coin, has remained relatively stable during the same period. DOGE, which is ranked within the top 10 crypto assets by market cap, has only decreased by 0.4% in the last day. In contrast, the trio of Solana tokens have outperformed, with POPCAT, the top cat-themed token on Solana, leading the way with a gain of over 20%, reaching a current price of $0.186. The other new Robinhood listings, PENGU and PNUT, have gained 5.9% and 5.8%, respectively.
This surge in Solana tokens comes as they were listed on Robinhood, a popular trading platform. The listing has provided a boost to these tokens, highlighting the impact of such platforms on the crypto market. The gains for these tokens represent a broader relief rally for some of the leading Solana and Ethereum meme coins, which have been in decline for much of the month. This is evident in the losses of over 30% for DOGE and PEPE, two of the top three largest meme coins by market cap. Other notable tokens, such as the U.S. president’s official Solana meme coin TRUMP and Dogwifhat (WIF), have also posted moderate gains of 2.5% and 3.7%, respectively. Both of these tokens are also available for trading on Robinhood.
Despite these gains, the overall meme coin market cap has decreased by 0.2% in the last 24 hours, falling just below $50 billion. This is a significant drop from the peak in late 2024, when “dog-themed” tokens alone represented a nearly $105 billion market cap. The recent decline in the meme coin market has led some traders to question the future of these tokens, with claims that the “Pump.fun days are over.” Pump.fun, a popular Solana token launchpad, has seen a sharp decline in usage stats in recent weeks amid market turmoil. However, others, like Stratos hedge fund founder Renneck Palley, believe that “meme coins are here to stay.”
Meme coins are known for their high volatility and risk, often rising and falling rapidly based on factors such as changing sentiment, large sales from “whale” holders, and moves from bad actors. They are typically based on relevant pop culture events and figures, which can lead to sudden surges in popularity and value. The recent gains for Solana tokens on Robinhood highlight the potential for these tokens to rebound, even in a declining market. However, the overall trend for meme coins remains uncertain, with some traders remaining skeptical about their long-term prospects.
