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Following$TENTIES soared 450%, Robin Hood Chain attracted memin traders
According to CoinGecko, the price of $TENTIES, a Robinhood-themed memin coin, soared 450% in 24 hours on July 16, and the trading price was US$0.17 as of writing. The market value of the token reached US$17.32 million and has approximately 4900 holders.
$TENTIES is one of the multiple memes that have attracted attention on the Robin Hood Chain. Previously, Robinhood CEO Vlad Tenev had said that the network was "also very suitable for memin," which made the token quickly popular. Its community is organized based on popular slang from WallStreetBets on Reddit and a dedicated Discord server, creating a cultural appeal.
The word "Tendies" was originally slang for investment profit. It was originally used in a playful but literal way to refer to the profit investors used to buy chicken fingers, and later evolved to refer directly to the profit itself. The term is closely related to the stock trading subreddit section r/WallStreetBets, which has also promoted the popularity of terms such as "stonks" and "diamond hands".
Memin Occupy Robin Hood Chain
In early July, Robinhood officially launched its own blockchain-a second-layer network based on Ethereum. Although Robinhood's selling point is to create a regulated tokenized real-world asset trading platform, such assets on the chain are only worth approximately US$12.8 million, and memoins and stablecoins are the main drivers of activity on the chain.
Analysts at investment bank Bernstein pointed out that although the Ethereum Layer 2 network allows users to trade tokenized versions of companies such as Apple and Nvidia, the initial activity mainly comes from memecoin. "Early trading volume in the Robin Hood Chain was dominated by memein, but this showed strong liquidity and appeal from crypto-native traders," analysts wrote.
They added that the network has quickly become one of the top five destinations for on-chain asset trading, with cumulative transaction volume reaching US$3.1 billion in the past seven days through decentralized exchanges such as Uniswap and PancakeSwap.
Like all memecoin transactions, such large price fluctuations are mainly driven by market sentiment and are accompanied by significant risks. Positions may reverse quickly and traders should remain cautious.
