Pepe (PEPE) is now on Robinhood US, bull market leads to relisting SOL, ADA, and XRP
Release: 2024/11/14 00:04 Reading: 683
Robinhood US has re-entered a bull market, reinstating Solana (SOL), Cardano (ADA), , and XRP. A notable addition is Pepe (PEPE), one of the enduring meme tokens.
Robinhood US has embraced the crypto bull market by announcing the relisting of former blue-chip assets, such as Solana (SOL), Cardano (ADA), and XRP. The platform has also added Pepe (PEPE), a prominent meme token on Ethereum, to its roster. Robinhood made these assets available on November 13.
Robinhood recently expanded Dogecoin (DOGE) trading to its European clientele, responding to increased demand for the asset. The renewed enthusiasm for crypto in fintech apps coincides with Bitcoin's (BTC) historic rally, surpassing $90,900. While altcoins have not achieved the same heights, they have rebounded significantly.
Robinhood's relisting of these assets comes just over a year after their removal during the relatively subdued summer of 2023. Notably, SOL has regained its position and emerged as a major beneficiary of the 2024 bull market.
ADA and XRP remain speculative assets, valued for their liquidity. Their lower price points also make them accessible to mainstream buyers, enhancing their appeal. However, these assets are also seen as troubled and linked to dormant networks that have failed to meet anticipated technical milestones.
Robinhood's crypto offerings currently stand at 19, a limited selection compared to direct trading or decentralized exchanges (DEXes). The platform has vetted these assets during previous bull markets, retaining less active tokens like Stellar.
In June 2023, Robinhood delisted BNB, BUSD, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. These tokens had gained prominence during the Web3 gaming and NFT boom, but some projects have since lost momentum and user bases. The sluggish altcoin market, lacking major gains, also contributed to their removal.
In recent years, Robinhood has also embraced emerging narratives, including Layer 2 (L2) tokens such as Arbitrum (ARB) and the popular meme token ShibaInu (SHIB). Robinhood's current crypto portfolio consists of 19 assets, encompassing blue chips, stablecoins, trending altcoins, and meme tokens.
Is PEPE poised to become a top-tier meme token?
PEPE is a seasoned crypto token, initially listed on Binance with a risk warning. However, it has demonstrated liquidity and a dedicated community that has held the asset long-term.
Robinhood's listing announcement coincided with Coinbase's decision to add PEPE to its roadmap. These developments come amid an expanding meme token market, where new favorites continue to emerge, boosting overall market capitalization.
The PEPE community, however, is concerned that mainstream listings could dilute the token's appeal. Wider distribution would attract outsiders, potentially changing its dynamic and increasing trading activity.
PEPE has experienced fluctuations, with whales occasionally cashing out. Nonetheless, it enjoys strong support from a large holder community. Following the listing news, PEPE surged to new highs, reaching $0.000019. The token has gained over 41% since the initial announcement.
With a market capitalization of $7.9B, PEPE is among the most widely held meme tokens. Its community boasts over 306K wallets, eclipsing other communities. The listings on Coinbase and Robinhood will expose PEPE to millions of active users.
If PEPE follows the trajectory of SHIB, an initial surge of 50% is plausible. In the long run, a 10-fold increase is a possibility. Mainstream listings have proven their ability to catapult low-priced meme tokens, and PEPE is one of the few to be included in fintech app trading.
PEPE's listing has initiated a period of price discovery, raising questions about which memes will succeed and reach a broader audience. Meanwhile, emerging memes compete for milestones, vying for attention and building liquidity and communities.
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