CASHCAT jumps 120% in a week as Robinhood Chain hits $774 million of value locked
The memecoin CASHCAT has seen a significant price surge amid a broader ecosystem growth on the Robinhood Chain, which now holds $774 million in total value locked. Despite the success of some assets, many other tokens launched on the chain have failed or gone dark.
Why it matters
The volatility of memecoins and the rapid rise and fall of launchpads highlight the speculative and high-risk nature of decentralized finance ecosystems.
CASHCAT trades near 8.7 cents , up 22% in the past 24 hours, with a market cap around $86 million on $9 million of daily volume. However, that is still well short of the roughly 22 cents it reached in mid-July.
The memecoin was built by outsiders around the cat-with-cash logo the company used before it rebranded, and its own website calls it "fan fiction with a ticker." It became the first breakout hit on the chain within a week of the July 1 mainnet launch, minting seven-figure returns for a handful of early wallets and prompting Robinhood Markets CEO Vlad Tenev, who had called assets without utility a dead end days earlier, to post that the chain "works great for memes too."
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