How Robinhood listings sparked rally for Solana memecoins POPCAT, PNUT
Is there a thing called the 'Robinhood effect?'
- Robinhood’s listing boosted PENGU, PNUT, and POPCAT with double-digit recoveries
- POPCAT may be primed for an extended rebound, but it faces a key overhead hurdle.
Popcat [POPCAT] and Peanut the Squirrel [PNUT] topped Solana [SOL] memecoin daily performers on Friday, before the U.S market session opened.
According to Coinmarketcap data, POPCAT surged by 16% while PNUT bounced by 6%. In fact, it was among the top three performers over the last 24 hours.
The upswing followed Robinhood’s listing of the memecoins, including Pudgy Penguins [PENGU] on 13 March. PENGU jumped by 26% after the update, but it erased the gains quickly.
At press time, it was up 5% on the daily chart.
Will memecoin recovery extend itself?
From a Solana memecoin perspective, POPCAT was the best daily performer among the dominant ecosystem’s tokens. It doubled TRUMP’s 8% gains. Overall, the Solana memecoin’s market cap jumped by 4% to $7.3 billion following the relief bounce.
However, can this category of select performers maintain a winning streak into the weekend? AMBCrypto gleaned speculative interest, using Open Interest (OI) rates on the derivatives market for clues.
According to Coinglass’s OI heatmap, TRUMP, PNUT, and POPCAT were among the memecoins with a massive surge in OI on the daily chart.
TRUMP’s OI was up $326M, while PNUT and POPCAT had $140M and $91M, respectively. Interestingly, PNUT and POPCAT saw a double-digit jump in OI – A sign that market players were interested in the gems.
From a volume perspective, the three Robinhood-listed gems were among the top 10 tokens with high trading volumes. PENGU, POPCAT, and PNUT could extend their gains if the trend holds into the weekend.
However, a closer look at POPCAT’s price chart revealed that it had to reclaim $0.20 as support to extend the recovery. Otherwise, a rejection below the moving averages could dent the short-term bounce.
In terms of sector performance comparison, the memecoin segment was down about 10% this week and tied with the AI segment.
Surprisingly, DeFi was the worst performer at 12% amid weak market sentiment.
