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FollowingThe Thinking Cat Token ($HMM) soared more than 100% in 24 hours, hitting a record high
A new cat-themed memin coin is attracting attention on Robinhood Crypto's blockchain. The Thinking Cat token (code $HMM) rose more than 100% in 24 hours, setting a record high. This rise was due to the social media craze and increased activity on the chain. In the past seven days, the token has increased by more than 2000% and its market value is close to US$20 million.
New challenger on the Robinhood chain
This rebound has made $HMM the focus of the chain. This chain was originally centered around tokenized real-world assets (RWAs), but now its memin culture is equally eye-catching. Launched on July 1, Robinhood Chain is a permission-free Layer-2 network based on Ethereum that aims to serve tokenize real-world assets, but has quickly become a hot spot for speculative trading.
The first breakthrough asset in the chain was a cat-themed memin coin, with a market value of more than US$200 million.$ CASHCAT and other memocoins became the chain's original liquidity engines, while also spurring discussions about growth, risk and long-term credibility. CASHCAT is the original token launched on the chain's first launch pad, while $HMM is the main cat-themed token currently on the dominant launch pad PONS.
Some traders have compared this to Solana's early memo scenarios. Just as Solana Ecology was ignited by BONK, and then Dogwifhat led the next wave, the "trenches" of the Robinhood chain were ignited by $CASHCAT, and then another cat token may take over as the main frontrunner.
Will $HMM become the next $CASHCAT?
In the past seven days, the price of the Thinking Cat Token ($HMM) has increased by more than 2300%, outperforming the overall cryptocurrency market and other similar meme tokens. The most active trading pair HMM/WETH is available on Pons.family, with 24-hour trading volume exceeding $2.4 million.
It remains to be seen whether $HMM can maintain this momentum.$ CASHCAT itself is a warning story: the original cat-themed token, which dominated early trading in the Robinhood chain, has rebounded 120% in the past week, recovering some of its losses after a July issuance boom. Although launch pad activity and many early tokens have faded, the total locked value (TVL) of the Robinhood chain has climbed to approximately US$774 million, and the tokenized real-world assets have reached US$100 million.
The memoin cycle on the chain has been proven to be both rapid and ruthless to latecomers. Like all memes, the risks are huge. Price movements are driven by narrative and social media heat rather than fundamentals, and tend to reverse quickly after peaks.
