Moo Deng and MEW Rally as Robinhood Expands Memecoin Offerings

• Robinhood adds Moo Deng and MEW to its cryptocurrency trading platform for U.S. customers.
• Moo Deng surged 836% in May, gaining an additional 21% following the listing announcement.
• MEW posted 52% monthly gains with a nearly 20% spike after Robinhood inclusion.

Today, the memecoin market saw a boost when Robinhood revealed it would add two Solana-based tokens to its platform. After the announcement of their listings, both Moo Deng and Cat in a Dogs World saw their prices rise, showing that institutions are still interested in meme-based cryptocurrencies.

Robinhood Embraces Memecoin Trading Expansion

Robinhood’s move to add Moo Deng and MEW means it is now focusing more on the rising memecoin sector. The trading platform has been slowly adding more cryptocurrencies, as it moves beyond the strict rules that were in place in 2023.

Moo Deng, which was inspired by a viral baby pygmy hippo meme in 2024, has seen its market capitalisation grow to $230 million. The token’s price more than doubled in May, and it rose another 21% in the past 24 hours after Robinhood announced support for the token.

During the Solana memecoin boom in March 2024, MEW was launched and has now built a market cap of $368 million. In May, the cat-themed token rose by 52% and increased again by nearly 20% the day before, showing that animal-themed cryptocurrencies are attracting many investors.

The company has now added Dogecoin, following its November launch of Pepe coin (PEPE), which has sustained a high volume of trades. The platform now supports more than 20 cryptocurrencies, a significant increase after it removed several tokens earlier this year due to uncertainty from the SEC under Gary Gensler.

This is happening at a time when the government is becoming more open to cryptos due to recent political changes.

Moo Deng On Technical Chart

Moo Deng’s technical charts point to rising bullish momentum as the token rises above important resistance points. According to CMC data, at the time of writing, the Moo Deng price is $0.3074 and has surged more than 30% in the last 24 hours. Moreover, it will face resistance at $0.3433 and support at $0.1716.

Source: TradingviewTechnical indicators are sending mixed messages, the Social Sentiment oscillator reads 0.2321, which is a positive sign for market sentiment. Still, the RSI at 55.26 indicates the token is moving toward overbought levels, and the MACD shows that the asset could be consolidating as the MACD and signal lines get closer to each other.

EMA 20/50/100/200 shows that the shorter-term averages are above the longer-term ones, which indicates the market may continue to rise in the near term.

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