- Robinhood has added BONK, PENGU, PNUT, and XLM to its advanced trading platform, expanding its crypto offerings amid strong Q2 earnings.
- However, all newly listed tokens are trading lower today, reflecting broader market weakness and short-term profit-taking.
Robinhood is once again expanding its cryptocurrency offerings, adding BONK, PENGU, PNUT, and Stellar (XLM) to its Advanced Trading platform, Robinhood Legend, according to an announcement posted on the company’s verified X account. This move comes amid Robinhood’s aggressive crypto expansion strategy, which is supported by its strong Q2 earnings.
Despite the new listings, however, the market response has been underwhelming. All four tokens are trading lower today, showing no signs of a short-term rally, a surprising development given Robinhood’s historical influence in triggering price surges following token listings.
Meme Coins and Utility Tokens Now Tradable
Among the new additions, BONK and PENGU are meme coins that have gained traction in online communities, particularly for their viral appeal. PNUT, in contrast, offers decentralized finance (DeFi) functionalities, while XLM is a long-established token powering cross-border payments via the Stellar network.
All four tokens are now available for immediate trading by eligible U.S. users on Robinhood Legend. However, access may vary depending on individual state regulations.
In addition to the tradable tokens, Robinhood has made ONDO and FLOKI viewable, but not tradable, on its platform. These tokens are also unavailable to New York-based users due to regulatory restrictions, as per Robinhood’s official crypto documentation.
Prices Slip Despite Listing
According to CoinMarketCap data, the newly listed assets are all down for the day. BONK has fallen 6.8%, now trading at $0.00002430, while PENGU is down 3.08% to $0.03347. PNUT declined 4.77% to $0.2163, and XLM, the largest of the bunch by market cap, dipped 4.33% to $0.3952.
The price drops indicate that profit-taking and macro pressures are outweighing any bullish sentiment that typically follows new listings. BONK’s decline, for example, is likely due to early investors cashing in after a strong run earlier this year. PENGU has also struggled, with trading volume down 28% despite the Robinhood boost. PNUT saw a slight uptick in trading volume but remained in the red.
Even ONDO and FLOKI, which are not yet tradable on the platform, mirrored this downward trend. FLOKI plunged 6.73% to $0.0001037, breaking intraday support levels, while ONDO dropped 3.64% to $0.9159, touching an intraday low of $0.8877 before a minor rebound.
Broader Market Still Sluggish
The declines aren’t isolated. The broader crypto market lost 1.62% in total market capitalization, now at $3.7 trillion, though daily trading volume rose 7.69% to $146.73 billion, signaling heightened activity despite bearish momentum.
In conclusion, while Robinhood’s latest listings reinforce its commitment to crypto growth, the immediate price action suggests traders remain cautious in a market dominated by short-term selling pressure.
