Robinhood Chain DEX Volume Hits Record High Amid Cash Cat Frenzy
Robinhood Chain’s each day decentralized alternate (DEX) buying and selling quantity reached $563.9 million on July 8. This marked a file high for the week-old community, as a meme coin rush overtook its tokenized-asset pitch.
The surge coincided with 193,187 each day lively addresses. Cash Cat (CASHCAT), a token tied to Robinhood’s unique title, led the frenzy.
Robinhood Chain Turns Into a Meme Coin Hub
Robinhood launched the Robinhood Chain public mainnet on July 1. The Layer 2 community runs on Arbitrum expertise and targets real-world assets (RWA).
Nonetheless, retail meme buying and selling set the tone as a substitute because the launch. According to knowledge from Dune, 16,639 tokens have been created over the previous 24 hours, and plenty of have already exceeded a $1 million market cap.
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One token that stands out among the many new launches is Cash Cat. The meme coin draws inspiration from Robinhood’s early historical past.
Robinhood co-founder Vlad Tenev has beforehand hinted that the corporate was named CashCat earlier than finally adopting its present model.
However, it’s price noting that the token is just not formally affiliated with both Robinhood or Tenev.
Tenev Comment Fuels the Cash Cat Surge on Robinhood
Cash Cat moved into the spotlight after its rally gained momentum following a submit from Tenev.
“While we’re constructing Robinhood Chain to be one of the best chain for RWA … it really works nice for memes too,” he said.
Following the submit, Cash Cat climbed to an all-time high of $0.147 on July 8, in response to CoinGecko data. The token can also be dominating buying and selling exercise on Robinhood Chain, recording roughly $98 million in 24-hour buying and selling quantity, in response to a Dune dashboard. It attracted 8,720 distinctive merchants, main different tokens on the community.
Robinhood-themed meme cash, together with Dog In Hood and The Robinhood, additionally ranked among the many most actively traded property.
However, the rally has since cooled. Cash Cat traded close to $0.105 on July 9, down about 17% over the earlier 24 hours, leaving open the query of whether or not the meme coin’s momentum can outlast the preliminary pleasure.
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The submit Robinhood Chain DEX Volume Hits Record High Amid Cash Cat Frenzy appeared first on BeInCrypto.
