Robinhood-Backed Meme Coin PIPEDOG Surges Again, While Other Tokens Fall Victim to "Rug Pull"

BlockBeats News, July 29, according to GMGN data, Robinhood's on-chain Meme coin PIPEDOG experienced a half-day pullback today but resumed its upward trend tonight. At the time of writing, its market cap was reported at $59.89 million with a 24-hour trading volume exceeding $57.70 million.

However, possibly due to limited overall liquidity on the Robinhood chain, while PIPEDOG surged, several other Robinhood ecosystem tokens suffered a "vampire attack." STONKBROKER, PONS, and others experienced temporary price declines.

It is important to note that this meme coin was not issued through the Robinhood ecosystem platform. The issuer remains anonymous, and multiple data points indicate significant insider trading: several whale addresses acquired a large amount of tokens early in the issuance. However, the token's action of locking a large liquidity pool on-chain has earned some users' goodwill.

BlockBeats reminds users that this token carries high uncertainty, and investment should be approached with caution.