Cash Cat Reclaims Robinhood Chain Crown After Q2 Earnings Call
Cash Cat (CASHCAT) rose about 16% in 24 hours and reclaimed its spot as the highest token by market capitalization on Robinhood Chain, after the corporate’s second-quarter earnings name.
The transfer pushed the token again previous Pons (PONS), which had taken the spot whereas CASHCAT drifted decrease by means of July. Its buying and selling quantity nonetheless dwarfs each different asset on the community.
What Happened on the Robinhood Earnings Call
Robinhood reported record second-quarter income of $1.3 billion on July 29, up 32% from a 12 months earlier. Earnings per share reached $0.62. Moreover, cryptocurrency transaction income reached $100 million.
Tenev spent a part of the decision demonstrating the Robinhood apps and the inventory tokens on his cellphone. Traders spotted CASHCAT sitting in his current search listing. The token climbed shortly afterward. He additionally addressed the Robinhood chain in the course of the name.
“I imply, I feel that we constructed Robinhood chain to be purpose-built for real-world property. I ought to make clear, I like memes as effectively,” Tenev said in the course of the name.
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CASHCAT Retakes the Lead After a 47% Slide
CASHCAT borrows its identify from the working title Robinhood used earlier than its rebrand. Its preliminary rally arrived after the chain went stay on July 1. The token pushed previous a $200 million market cap earlier than stalling.
The token fell roughly 47.2% over the previous two weeks. PONS overtook it because the chain’s largest token by market cap. That place has now reversed. At press time, CASHCAT traded close to $0.0469, up about 16% on the day.
CASHCAT additionally stays probably the most traded asset on the community. It has logged 1.57 million trades from 51,638 distinctive merchants since launch. Cumulative quantity stands at $890.5 million, in response to Dune information.
Its $28.2 million in 24-hour quantity is greater than 4 instances that of second-placed PONS, which traded $6.3 million.
CASHCAT sits about 79% beneath its document high of $0.228, set on July 11. The near-term check is whether or not demand holds as soon as the earnings consideration fades.
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