Robinhood Adds XLM & Meme Coins: BONK, PENGU, PNUT Listed
Robinhood Expands Crypto Trading Options
Robinhood has listed Stellar (XLM) and meme coins BONK, PENGU, and PNUT on its trading platform, Robinhood Legend. This move follows a strong Q2 performance, underscoring Robinhood's push into the crypto space. However, ONDO and FLOKI remain available for viewing only.
BONK and PENGU are meme coins gaining traction within online communities. PNUT provides DeFi functionalities, while XLM facilitates cross-border payments via the Stellar network. Eligible users can now trade these assets, although availability may vary by state due to regulatory differences.
While ONDO and FLOKI are listed on Robinhood Legend, they are not tradable on the platform and are unavailable to New York customers.
Price Performance Post-Listing
According to CoinMarketCap data, the newly listed tokens are currently trading down.
- BONK: Down 6.8% to $0.00002430
- PENGU: Down 3.08% to $0.03347
- PNUT: Down 4.77% to $0.2163
- XLM: Down 4.33% to $0.3952
The price declines suggest that the Robinhood listing has not triggered an immediate rally. BONK, which saw substantial gains earlier in the year, may be experiencing profit-taking. PENGU's trading volume is also down by 28%. Despite a slight increase in trading activity for PNUT, its price remains negative.
XLM, the largest of the four by market cap, is also experiencing a price drop, mirroring the performance of the other newly listed tokens. Similarly, FLOKI and ONDO prices have declined despite increased trading activity.
- FLOKI: Fell by 6.73% to $0.0001037
- ONDO: Down by 3.64% to $0.9159
The moderate rise in volume indicates continued interest, but short-term selling pressure persists. Overall, the broader crypto market cap has decreased by 1.62% to $3.7 trillion, while trading volume is up by 7.69% to $146.73 billion.