Meme Coin Frenzy Hits Robinhood Chain with Juggernaut Skyrocketing 500%
Robinhood Chain, an Ethereum Layer 2 blockchain focused on tokenized stocks and real-world assets, has seen a surge in trading volume after adding two new meme coins to its platform. The Juggernaut (JUGGERNAUT) price skyrocketed over 500% within an hour of listing, while FRONG's price jumped about 140%. These massive gains are likely due to the influx of retail investors who flocked to buy these tokens.
Robinhood Chain has become a high-volume venue for permissionless meme coins, with its DEX trading volume surging massively in the last 30 days. The platform's total value locked (TVL) stands at $166.5 million, covering stocks, ETFs, commodities, and U.S. Treasuries.
Myriad Markets co-founder Farokh Sarmad questioned the legitimacy of these price spikes, stating that 'Basically, all they make is asset pages on Robinhood, and you can search the coin, it's not a listing.'