How Robinhood listings sparked rally for Solana memecoins POPCAT, PNUT

• Robinhood’s itemizing boosted PENGU, PNUT, and POPCAT with double-digit recoveries
• POPCAT could also be primed for an prolonged rebound, nevertheless it faces a key overhead hurdle. 

Popcat [POPCAT] and Peanut the Squirrel [PNUT] topped Solana [SOL] memecoin day by day performers on Friday, earlier than the U.S market session opened.

In line with Coinmarketcap knowledge, POPCAT surged by 16% whereas PNUT bounced by 6%. In actual fact, it was among the many prime three performers during the last 24 hours. 

Supply: CoinMarketCap

The upswing adopted Robinhood’s listing of the memecoins, together with Pudgy Penguins [PENGU] on 13 March. PENGU jumped by 26% after the replace, nevertheless it erased the features rapidly.

At press time, it was up 5% on the day by day chart. 

Will memecoin restoration lengthen itself?

From a Solana memecoin perspective, POPCAT was the very best day by day performer among the many dominant ecosystem’s tokens. It doubled TRUMP’s 8% features. General, the Solana memecoin’s market cap jumped by 4% to $7.3 billion following the aid bounce. 

Nevertheless, can this class of choose performers preserve a successful streak into the weekend? AMBCrypto gleaned speculative curiosity, utilizing Open Curiosity (OI) charges on the derivatives marketplace for clues.

In line with Coinglass’s OI heatmap, TRUMP, PNUT, and POPCAT have been among the many memecoins with a large surge in OI on the day by day chart. 

Supply: Coinglass

TRUMP’s OI was up $326M, whereas PNUT and POPCAT had $140M and $91M, respectively. Curiously, PNUT and POPCAT noticed a double-digit bounce in OI – An indication that market gamers have been within the gems.

From a quantity perspective, the three Robinhood-listed gems have been among the many prime 10 tokens with excessive buying and selling volumes. PENGU, POPCAT, and PNUT may lengthen their features if the pattern holds into the weekend. 

Nevertheless, a better have a look at POPCAT’s value chart revealed that it needed to reclaim $0.20 as help to increase the restoration. In any other case, a rejection beneath the shifting averages may dent the short-term bounce. 

Supply: POPCAT/USDT, TradingView

When it comes to sector efficiency comparability, the memecoin phase was down about 10% this week and tied with the AI phase.

Surprisingly, DeFi was the worst performer at 12% amid weak market sentiment. 

Supply: Artemis