Robinhood added three new meme tokens, Pudgy Penguins (PENGU), POPCAT, and Peanut the Squirrel (PNUT), to its roster of cryptocurrency assets.
The company was able to declare its intentions to expand into cryptocurrency during periods of market volatility thanks to social media networks. It will be difficult for Bitcoin to stay above $80,000 in the current environment.
Robinhood's Meme Token Strategy
Robinhood's approach to listing new crypto assets is extremely cautious. It has been introducing new meme coins step by step to its list. The most recent listings on the platform are intended to bring even more crypto traders onto the platform.
The community of crypto believers talks back to Robinhood on social media, indicating that the company wants to remain in the game within the rapidly changing world of crypto.
Market Response and Token Performance
The market responded minimally when the new tokens were introduced. The three newly added tokens acquired market capital of less than 20% within the observation period. Market players exhibit weak interest in meme tokens and altcoins during this current period:
The price floor established initial value points for PNUT, PENGU, and POPCAT before their listing.
As a result, the number of users with PENGU and POPCAT tokens decreased.
PNUT dropped 90% of its market capital, beginning from its all-time high in November 2024.
These tokens can be newly sold with the Robinhood listing even in the face of current market difficulties.
Possible Effect on the Market for Meme Tokens
The introduction of these tokens indicates that market recovery could happen soon. It also could drive more interest toward the existing liquid meme tokens available in the market. That's why the market sector shows widespread negative sentiment.
According to market analysts, POPCAT will hit its price target of $0.56 if investors continue to purchase the company. Also, token experienced the most market jump of any token, with a 20% market expansion following the news of its listing.
Increased public awareness of these ecosystems will also help PENGU. Another coin - PNUT, reflects the highest level of volatility among the newly listed tokens.
In short, Robinhood puts the highest priority on the market for meme tokens. The demand for tokens in the future can be reactivated because the market does not do this in interest. Because meme tokens have a lot of volatility and also have speculative characteristics, investors should proceed with caution.
