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FollowingCASHCAT becomes Robinhood Chain\'s breakthrough Memecoin
$CASHCAT (@Cashcat_token) has become the leading memin coin on Robinhood Chain, with a market value exceeding US$100 million within 24 hours of launch, an increase of more than 1000% over the same period.
The token soared more than 1700% in 24 hours, and its market value once exceeded US$120 million, becoming the first breakthrough asset in the new chain.
CASHCAT is a memin built based on Robinhood Chain. Robinhood Chain is an Ethereum Layer 2 network developed by U.S. stock and cryptocurrency trading platform Robinhood (ticker: HOOD) based on Arbitrum technology.
Robinhood officially launched the Robinhood Chain public mainnet at an event in London on July 1, jointly announced by CEO Vlad Tenev and CEO Johann Kerrat.
The token\'s narrative stems from a story confirmed by CEO Vlad Tenev: Robinhood\'s original internal working name was CashCat.
On the day of the token surge, Tenev posted a tweet \"Running Memes works great too\", which the community interpreted as acquiescence. The tweet received more than 500,000 views, further boosting the market.
Reasons behind the rise and matters to pay attention to
According to CoinGecko data, CASHCAT mainly trades on Uniswap V3 on Robinhood Chain, of which the CASHCAT/WETH trading pair has a 24-hour trading volume of approximately US$28 million.
The rise has attracted a lot of attention from early holders. Blockchain tracking platform Lookonchain found a wallet address: the address bought 15.04 million CASHCAT tokens for US$838 about 20 days ago, and subsequently sold 13.5 million at a profit of approximately US$917,600. The remaining tokens were worth approximately US$133,700, with total revenue exceeding US$1 million.
Investors should be cautious. The project has been confirmed to have nothing to do with Robinhood, its liquidity pool has been destroyed, and the value of the token is based entirely on market attention and is not supported by any fundamentals.
A counterfeit version of the token has appeared on Solana, and someone pretended to be a fake account of \"Roaring Kitty\" to promote it, posing a risk of fraud.
The rapid rise in prices highlights the high volatility of memes-tokens that often experience extreme price fluctuations due to social media sentiment, and such gains can also quickly reverse, causing significant losses to those buying at high prices.
