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FollowingAccording to data on July 8, the Meme token CASHCAT, traded on Robinhood\'s newly launched Layer 2 network Robinhood Chain, has soared by more than 718% in the past 24 hours. DexScan statistics tracked by CoinMarketCap show that since its launch on July 1, the market value of the token has quickly exceeded US$68 million in a short period of time.
Market value soared in hours
Earlier in the day, CASHCAT\'s total market value exceeded US$45 million, and a few hours later it exceeded US$68 million. During this period, the price stabilized at around $0.08365, a staggering 962.81% increase from when it was initially tracked. The liquidity record was approximately $2.6 million. However, CoinMarketCap pointed out that CASHCAT\'s contracts have not been verified and its social media profiles have also been marked as third-party sources.
Key indicators
24-hour increase: more than 718%
Market value: more than US$68 million
Earlier in the day level: US$45 million
Price: US$0.08365
Liquidity:
CASHCAT\'s explosive price trend not only attracted attention, but its association with the Robinhood brand also played a key role. The token is related to Robinhood as a mascot for the early use of U.S. stock trading apps, which adds additional narrative material to short-term traders.
Internet activity and transaction volume rise
For Meme tokens, what is usually eye-catching is not their size, but their impact on online activity. CASHCAT\'s sharp rise has driven a surge in trading volume and overall activity on Robinhood Chain. As a Layer 2 protocol, Robinhood Chain aims to promote the integration of on-chain finance and real-world assets with greater efficiency.
Interpretation of terminology: Layer 2 is a scale-up solution built on existing blockchains to enable faster and lower-cost transactions. Real-world assets (RWAs) refer to the digital representation of traditional financial instruments such as stocks, bonds or funds on the blockchain.
In such markets, trading volume usually flows to the most aggressive tokens. The previous wave of Meme tokens on Solana and BNB Chain also witnessed a sharp rise in the number of active addresses and the volume of transactions on the chain during similar surges.
Rapid profits in the short term
On-chain analysis platform Lookonchain reported that a wallet ending in 0xDE4C turned an investment of US$838 into more than US$1 million in about 20 days by purchasing 15.04 million CASHCAT units. The wallet sold 13.5 million tokens, making a profit of approximately US$917,600, leaving the remaining 1.5 million tokens worth nearly US$133,700.
According to Lookonchain, wallets ending in 0xDE4C received approximately 1253 times a return on their initial investment of $838.
The enthusiasm was further amplified by the heated discussion on social media. Some users claim to have entered at an extremely early stage, while others believe that CASHCAT may even surpass the popular tokens that have recently emerged from the Solana ecosystem.
Some users claim to buy when the market value is only US$4000. Based on current trends, an investment of US$1000 may expand to US$10 million.
Behind the surge reflects the fragility of the Meme market
Despite the astonishing rise, the Meme token sector is known for its extreme volatility. Tokens with returns of more than 100% on Ethereum, BNB Chain, Solana and Base often carry traces of wash transactions or liquidity pool manipulation. Research shows that the average holding time of such tokens is only about 100 seconds.
For CASHCAT, the sustainability of its rally depends more on whether Robinhood Chain can maintain user activity after soaring, rather than on the price itself. Past Meme token cycles on Solana and BNB Chain suggest that on-chain activity tends to fluctuate as rapidly as market heat.
