Memecoin Moo Deng, MEW Surges After Robinhood Listing

Robinhood has added two Solana-based memecoins, Moo Deng MOODENG and cat in a dog’s world MEW, to its suite of cryptocurrencies available to trade for U.S. customers.

Moo Deng, which is based on a baby pygmy hippo, has risen to a $230 million market cap this month after the meme went viral online in 2024. The token skyrocketed over 836% in May and jumped another 21% over the past 24 hours.

Cat in a dog’s world, on the other hand, is a token based on cats, which launched in March 2024 as part of a Solana meme coin frenzy. The token stands at a $368 million market cap after its price rose 52% in May. It is up nearly 20% over the past 24 hours.

The latest inclusions add to Robinhood’s list of meme coins, and the regulatory landscape is becoming much more flexible after the nomination of several pro-crypto government leaders and President Donald Trump's U.S. election win last year.

In November, Robinhood added the trading of Pepe coin PEPE, another popular meme coin. The trading app currently offers over 20 cryptocurrencies after previously ending support for several tokens in 2023 amid a crackdown on crypto by the former Securities and Exchange Commission Chair, Gary Gensler.