Without much attention, Robinhood listed two Solana-based meme coins, MOODENG and Cats in the World of Dogs (MEW). Both assets immediately rose by about 20%.
These two tokens will be the 11th and 12th meme coins listed on the platform. Meanwhile, some social media users were concerned about market manipulation due to MOODENG's recent surge and MEW's relatively low recognition.
Throughout May, this meme coin showed notable growth, but is still far from its peak. After today's listing, it surged by about 19%, but this growth quickly slowed down.
Despite MOODENG's significant rise, some notable accounts claimed unspecified misconduct in this Robinhood transaction. With one coin growing rapidly while another remains relatively unknown, Robinhood's business decision was not understood by some traders.
Nothing suspicious here
Moo Deng definitely didn't pump 300% a week before this announcement because of this
People were definitely just a fan of the hippo this week
While MOODENG's rise was dramatic, there is no specific evidence of market manipulation by Robinhood. Cryptocurrency investors should always be cautious of potential scams.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
