Robinhood discreetly added two meme coins based on Solana, named Moo Deng (MOODENG) and Cat in a Dog’s World (MEW), which saw an immediate spike of almost 20% in their value. These coins are the 11th and 12th meme coins to be listed on the platform, raising concerns among some social media users about potential market manipulation given MOODENG's recent impressive gains and MEW's lesser-known status.

The popular broker-dealer app, Robinhood, has been expanding its cryptocurrency offerings, with mixed results in the past. Today, the sudden listing of MOODENG and MEW led to significant price increases for both coins.

MOODENG outperformed MEW, experiencing a notable surge, especially after a substantial rally earlier this month. Despite the spike following the listing, its value dropped slightly afterwards. On the other hand, MEW saw a 17% increase but still lags behind MOODENG.

While there have been suspicions of foul play surrounding MOODENG's surge, no concrete evidence of market manipulation by Robinhood has been presented. It's crucial for crypto investors to remain vigilant against potential scams as they navigate the volatile market. Robinhood's recent success, following the closure of an SEC probe in February, should not be undermined, as maintaining a positive user experience is essential during this favorable period for the platform.