Robinhood has added BONK, PENGU, PNUT, and XLM to its trading platform, while ONDO and FLOKI remain view-only. Despite the listings, all newly added assets keep trading lower today, showing no signs of a short-term rally.
Robinhood Expands Crypto Offerings
Robinhood’s strong Q2 earnings underline its aggressive crypto expansion strategy. According to an X post from the platform’s verified account, these tokens are now on its advanced platform, Robinhood Legend.
BONK and PENGU are meme coins gaining popularity in online communities. PNUT offers DeFi features, while XLM supports cross-border payments through the Stellar network. The assets can be traded immediately by eligible users. Robinhood clarified that access may vary by state due to local regulations.
Robinhood US has also listed ONDO and FLOKI. According to Robinhood’s official crypto availability documentation, both tokens are viewable on Robinhood Legend but are not tradable through the platform.
However, ONDO and FLOKI are only available to view, not buy or sell, on Robinhood Legend. Additionally, both are not available for the platform’s New York customers, as indicated in the fine print.
BONK, PENGU, PNUT, and XLM Remain Down
The new tokens listed on the Robinhood Legend are trading down today according to CoinMarketCap data. BONK has dropped 6.8% over the past 24 hours to $0.00002430.
PENGU is down 3.08%, trading at $0.03347. PNUT has declined by 4.77% to $0.2163, while XLM fell 4.33% to $0.3952.
The price drops suggest that the Robinhood listing has not sparked a short-term rally. After recording significant gains earlier in the year, BONK holders may be taking profits now. This explains the price downtrend.
PENGU has not performed better. Its daily trading volume is down 28%. Even though trading activity for PNUT increased slightly, PNUT price remains in the red.
XLM, the largest in the four by market cap, is also dropping in price like the rest of the tokens in the crypto market. Like the other four newly listed tokens on Robinhood, FLOKI and ONDO prices declined on the day despite rising trading activity.
FLOKI fell by 6.73% to a trading price of $0.0001037. Although there were increase in trades, its price dropped all through the day and broke the important intraday support.
The same trend happened with ONDO, which went down by 3.64% to $0.9159. The token hits its intra-day low of $0.8877 before experiencing a slight recovery.
The moderate rise in volume indicates active interest. But short-term selling pressure still prevails. According to the same data, the broader crypto market cap dropped by 1.62% to $3.7 trillion. However, trading volume is up by 7.69% to $146.73 billion.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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