Dogecoin Flatlines as Solana Cats Explode on Robinhood
Despite the broader crypto market recovering, Dogecoin (DOGE) has remained relatively stable, while Solana Cat tokens are exploding after being listed on Robinhood.
Three tokens in the Solana ecosystem, Pudgy Penguins’ PENGU, Peanut the Squirrel (PNUT), and Popcat (POPCAT), have all seen strong growth over the past 24 hours. Meanwhile, Dogecoin – one of the most popular meme coins – has been relatively flat, down just 0.4% over the same period.
DOGE, currently among the top 10 cryptocurrencies by market capitalization, saw some gains on Thursday morning but has since fallen back to $0.165 in recent trading. Meanwhile, POPCAT, one of the cat-themed meme coins on Solana, rose more than 20% to $0.186.
Two other tokens listed on Robinhood, PENGU and PNUT, rose 5.9% and 5.8%, respectively, on the last trading day.
A slight rebound for Solana meme coins
The bounces represent a slight recovery in the Solana and Ethereum meme coin markets, which have suffered major declines over the past month. DOGE and PEPE, two of the top three meme coins, have both lost more than 30% of their value over the period.
In addition to POPCAT, several other Solana meme coins are also recording slight gains, such as TRUMP – the meme coin associated with the US president, which is up 2.5%, and Dogwifhat (WIF) which is up 3.7%. Both coins are available on the Robinhood trading platform.
However, despite some tokens posting slight gains, the overall market cap of meme coins continues to decline. According to data from CoinGecko, the total market cap of meme coins has fallen by 0.2% over the past 24 hours, dropping below $50 billion.
Uncertain Future of Meme Coins
This is down significantly from late 2024, when dog-themed tokens accounted for nearly $105 billion in market cap at their peak. The market is now reconsidering the future of meme coins, with many investors expressing doubts about their recovery.
Some traders have declared that the “Pump.fun days are over” as the popular Solana token launch struggles. Pump.fun once created more than 8 million tokens, including meme coins like PNUT and Fartcoin (FARTCOIN), but the platform’s usage has plummeted in recent months amid market turmoil.
Still, some investors like Stratos Renneck Palley, founder of hedge fund Stratos, believe meme coins are here to stay, despite their volatile and risky markets. Meme coins are often tied to popular cultural events and metrics, and can rise quickly but also crash due to factors like shifts in investor sentiment or large sell-offs from “whales.”