Robinhood Fuel Sparks Volatile Rally in MOODENG and MEW Memecoins

MOODENG and cat in a dogs world (MEW), two viral Solana-based memecoins, surged over 30% on May 23 following their high-profile listing on Robinhood. While the listing propelled them into the ranks of top daily gainers, questions remain about the sustainability of the rally.

MOODENG, themed around a cartoon baby hippo, jumped 37% the day of the listing and has recorded over 700% gains since May 8. Once dismissed as “vaporware” by Crypto Twitter, the coin has rebounded strongly after suffering a 90% plunge in Q1.

From a technical standpoint, MOODENG’s price action formed a bullish rising triangle pattern. If this pattern breaks to the upside, the coin could target $0.50, representing a potential 44% upside. Supporting indicators like the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) are showing bullish signals, indicating heavy capital inflows and aggressive trader positioning.

MEW has also gained traction, rising more than 26% over the past 48 hours. After reclaiming the 200-day Exponential Moving Average and turning the $0.0035 resistance level into support, MEW has returned to its Q1 2024 trading range between $0.0035 and $0.0060. A move to the upper band could yield a 32% gain.

However, technical optimism is tempered by market structure concerns. While Open Interest (OI) spiked sharply—implying significant leverage usage—spot Cumulative Volume Delta (CVD) dropped, signaling limited spot buying support. The implication: the rally may be unsustainable if retail demand doesn’t follow.

Analysts caution that the bullish thesis may collapse if MOODENG breaks below the triangle support or MEW falls under $0.0035. A breakdown in spot market participation could trigger rapid corrections across both tokens, especially given the leverage-fueled nature of the current surge.

With Robinhood expanding its crypto offerings, these listings represent a new battleground for memecoins seeking retail exposure. But whether MOODENG and MEW can maintain momentum—or fall prey to their own hype—remains to be seen.