As Robinhood quietly activated two new Solana memecoins: MOODENG and MEW few would have suspected the fireworks that followed. Social media feeds burst within minutes. Traders clamored to get in, and prices for the two tokens increased by nearly 20% within hours. For many, it was déjà vu all over again from the initial days of the meme coin craze.
The Background Story of the Tokens
MOODENG is not just another animal coin. Its mascot, a perpetually confused-looking baby pygmy hippo, has become a viral sensation on crypto Twitter and TikTok. The community, known as "The Herd," has been quite determined with their meme campaign, catapulting MOODENG from unknown to $230 million market cap in a few weeks. Robinhood listing was the spark that ignited a powder keg of retail pent-up demand, and the stock rose 21% in a day.
MEW, meanwhile, has a devoted cult following. Hailed as "the cat that outsmarted the dog coins," MEW's clever branding and tongue-in-cheek mythos were a hit with day traders hungry for the next new thing. After its strong May, the Robinhood news propelled MEW another 19% higher, with Discord servers and Telegram channels in an uproar speculating as to where the coin would go next.
The Surge Unfolds
As listings news emerged, order books on large exchanges burst into life. Whale wallets swooped in, making six-figure buys on Coinbase Pro and OKX. On-chain metrics saw the number of new wallets with MOODENG and MEW within spike, suggesting a fresh batch of retail buyers. Activity on both coins tripled overnight, and social media reach reached all-time highs since launch.
It wasn't only retail traders piling in. Derivatives indicators revealed a focused blast of leveraged bets on further upside, with open interest in MEW futures at an all-time high. The tension was in the air — memes flew around, and stories of overnight gains circulated far and wide.
Can This Spark a New Alt-Season?
Robinhood's move comes at a time when the cryptocurrency space is already on edge, with Bitcoin teetering on new all-time highs and regulatory clouds starting to clear in the U.S. Adding MOODENG and MEW is seen by most as a signal: the door is open to more speculative products, and retail traders are chomping at the bit to get back.
Traders are watching closely. When Robinhood recently added its most recent crypto, it set off a domino effect that saw dozens of altcoins trend upward. If things keep going as they are, MOODENG and MEW could be the beginning of another wave of retail-fueled rallies.
The Takeaway
The Robinhood addition of MOODENG and MEW rekindled the meme coin mania for at least now. Prices are increased, volumes are thru the roof, and there's a sense of expectation in the air. For traders and for meme proponents both, it's evidence of just how quickly fortunes can change in crypto and how much gas one listing can feed the next big tear.
