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Robinhood US switched to bull market mode, after relisting Solana (SOL), Cardano (ADA), and XRP. The new addition is Pepe (PEPE), one of the long-running meme tokens.
Robinhood US is riding the wave of both a general crypto bull market, announcing it would relist former blue chip stars Solana (SOL), Cardano (ADA), and XRP. The new addition to the app is Pepe (PEPE), one of the top meme tokens on Ethereum. Robinhood announced the renewed availability of assets as of November 13.
GM. Solana ($SOL), Pepe ($PEPE), XRP ($XRP), and Cardano ($ADA) are now available to trade on Robinhood.https://t.co/CBj6uKDkAZ pic.twitter.com/48wXE9zs8V
— Robinhood (@RobinhoodApp) November 13, 2024
Robinhood recently added Dogecoin (DOGE) transactions for its European customers, tapping increased demand for the asset. New enthusiasm for crypto in fintech apps arrives after Bitcoin (BTC) extended another historic rally, trading above $90,900. While altcoins are lagging, they have also made dramatic recoveries.
Robinhood relisted the assets a little over a year since removing them, during the relatively inactive summer of 2023. In the meantime, SOL recovered its positions and turned into one of the big winners of the 2024 bull market.
ADA and XRP are still considered wild cards, useful for their highly liquid trading. The tokens are also relatively accessible due to their low price, adding to their appeal for mainstream buyers. However, the two assets are seen as doomed and tied to dead networks, which have not carried out all promised technical milestones.
Robinhood still offers a total of 19 cryptocurrencies, a relatively limited selection compared to direct trading or DEX purchases. The assets have been curated during previous bull markets, and Robinhood also carries less active tokens like Stellar.
In June 2023, Robinhood removed BNB, BUSD, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. The tokens were hot during the boom of Web3 gaming and NFT, but some of the projects slowed down and lost their user base. The slow altcoin market, with no significant new gains, was also a reason for the delisting.
In the past few years, however, Robinhood also selected several newer narratives, including L2 tokens like Arbitrum (ARB), as well as top meme token ShibaInu (SHIB). In total, Robinhood carries 19 crypto assets, including a mix of blue chips, stablecoins, trendy altcoins, as well as meme tokens.
Is PEPE becoming a top meme token?
PEPE is one of the older crypto tokens, which was listed on Binance with a risk warning. However, the asset proved its liquidity and the readiness of its community to hold for the long term.
The Robinhood listing announcement coincided with Coinbase’s decision to add PEPE to its roadmap. The decisions come at a time when the meme token market keeps adding new star tokens, while expanding its market capitalization.
You've long wanted the frog. Well, soon you'll get the frog. @coinbase is adding PEPE to our listing roadmap with the goal of listing later today. Thanks for your patience.
— paulgrewal.eth (@iampaulgrewal) November 13, 2024
The PEPE community, however, believes mainstream listings may diminish the token’s appeal. Adding more trading venues will invite outsiders to PEPE, turning it into an actively traded token.
PEPE has seen several drawdowns, as well as whales cashing out, though the token also gains support from a wide community of holders. Following the news of the listing, PEPE reached a series of all-time peaks, as high as $0.000019. The token rallied by more than 41% after the initial announcement.
The token already built up a $7.9B market capitalization, while being one of the most widely held memes. The PEPE community carries more than 306K wallets, far ahead of other communities. The listing to Coinbase and Robinhood will expose PEPE to millions of active users through the apps.
If PEPE follows the lead of SHIB, the initial pump may lift the token by 50%, but in the long run, a 10X move is not out of the question. Mainstream listings show their ability to launch low-cost memes, and PEPE is one of the few meme tokens to be added for fintech app trading.
The listing put PEPE in the price discovery range, also raising questions on which memes would take off and be added to a wider audience. At the same time, newly arrived memes are fighting for price milestones, in a bid to gain more attention and build lasting liquidity and communities.