Cash Cat Token Surges 4,000% and Hits $200 Million Market Cap, But Why?
Cash Cat (CASHCAT) pushed previous a $200 million market cap at its report high on July 11, pushed by contemporary derivatives entry, accumulation, and surging buying and selling throughout Robinhood Chain.
The token hit an all-time high of $0.211 earlier than easing to round $0.193, leaving its market cap close to $192 million. It gained near 29% over the previous 24 hours. Overall, CASHCAT is up greater than 4,000% in every week.
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A Meme Coin Born From Robinhood Lore
CASHCAT is the primary breakout meme coin on Robinhood Chain, the Layer 2 community the platform launched on July 1. The token borrows its title from CashCat, the working title Robinhood used earlier than rebranding.
Interest climbed after Robinhood CEO Vlad Tenev signaled the chain additionally suited meme trading. Recent listings and derivatives entry have since pushed the newest leg greater.
What’s Driving the CASHCAT Surge
Hyperliquid listed CASHCAT perpetual futures by group request. The itemizing permits merchants to take lengthy or brief positions with as much as 3x leverage. The token additionally expanded to Solana via Sunrise, in keeping with a submit from the community.
Meanwhile, on-chain demand stayed agency. GeckoTerminal data confirmed $34.89 million in 24-hour quantity, with internet shopping for of $1.36 million throughout 12,257 buys in opposition to 8,061 sells. Whale accumulation added gas, together with a wallet linked to trader Ansem that moved $233,000 into the token.
Furthermore, CASHCAT led Robinhood Chain activity with $40.05 million in quantity, 43,403 trades, and 6,795 distinctive merchants over 24 hours.
The token ranks because the chain’s most-traded asset, although it sits inside a a lot bigger pool of exercise. Robinhood Chain DEX quantity reached a report $846.8 million on July 10, per Dune information.
Active addresses additionally hit an all-time high of 306,893 that day, with 153,332 new customers almost matching 153,561 returning ones.
The rally exhibits how Robinhood Chain has pulled speculative capital towards its first viral token. Whether the CASHCAT rally holds now will depend on sustained quantity and purchaser demand within the days forward.
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The submit Cash Cat Token Surges 4,000% and Hits $200 Million Market Cap, But Why? appeared first on BeInCrypto.
