Robinhood Listing Triggers a 100% Rally for This Meme Coin
Robinhood listed a cat meme coin on Thursday that’s named after the corporate’s personal rejected identify. The token greater than doubled inside hours, then handed again a lot of the achieve.
Cash Cat (CASHCAT) ran from $0.0853 to $0.2143 within the 15 hours across the itemizing. That is a 151% transfer, based on onchain commerce knowledge. The token now sits close to $0.1185.
A Rally Built on a Name Robinhood Threw Away
CASHCAT is a joke about Robinhood itself. The venture’s site says the dealer was virtually referred to as Cash Cat. It factors to a 2021 put up by Chief Executive Vlad Tenev.
The token has no hyperlink to the corporate. Its personal web site is blunt about that.
“No. We simply suppose Cash Cat is a actually good identify they shouldn’t have deserted. This is fan fiction with a ticker,” reads an excerpt in CASHCAT web site FAQ.
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That didn’t cease the itemizing. Robinhood made the asset tradable in its app and on Legend, its desktop platform for lively merchants.
One Hour Did Most of the Work
The shopping for arrived in a burst. CASHCAT opened the noon UTC hour at $0.1288 and touched $0.2143, a 66% leap inside 60 minutes. That single hour noticed $17.2 million in trades, greater than some other hour of the day, GeckoTerminal knowledge shows.
The peak landed inside 6% of the file high of $0.2288 set on July 11. Then the transfer unwound. CASHCAT now trades 42% under Thursday’s prime.
The motive is measurement. The most important buying and selling pool holds about $5.3 million. Roughly $92.6 million modified palms in a day. When day by day buying and selling runs 17 occasions deeper than the pool itself, giant sells transfer the value laborious.
Buyers nonetheless outnumbered sellers over the day, at 31,267 buys towards 19,088 sells. The meme coin’s current price places its market worth close to $116.8 million, rating it 232nd total. Chain data present 48,710 wallets maintain it.
Meme Coins, Not Stocks, Still Rule Robinhood Chain
Robinhood launched its personal blockchain on July 1. The firm constructed it on Arbitrum and pitched it as “purpose-built for real-world belongings” comparable to shares and exchange-traded funds.
Traders selected cats as a substitute. Meme buying and selling took over the community in its first week, and tokenized stocks trailed meme coins by worth via July. Daily buying and selling quantity climbed to a record during the frenzy.
Thursday confirmed the sample once more. Exchange quantity throughout the chain reached $517.8 million, up 60% in a day. Total deposits sat at $433 million, DefiLlama knowledge exhibits. One cat coin moved the entire community.
CASHCAT is up about 1,193% over 30 days and briefly crossed a $200 million valuation in July. Analytics agency Artemis has warned that this sort of hypothesis may complicate Robinhood’s tokenization plans.
Bubblemaps Flags Wallets That Bought Early
Onchain analytics agency Bubblemaps checked out who was shopping for earlier than the information broke. It discovered newly created wallets that loaded up on CASHCAT.
Bubblemaps didn’t identify the pockets house owners or allege wrongdoing. Robinhood has not commented on the addresses.
The subsequent check is easy. CASHCAT wants the brand new retail patrons to remain as soon as the itemizing stops trending.
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