Just a week after the launch of Robinhood Chain, the volume of decentralized exchanges (DEX) on this network reached a record $563.9 million. The main catalyst for this explosive growth was the meme coin Cash Cat (CASHCAT), which unexpectedly attracted traders' attention and sparked a real frenzy.
On July 8, 2025, the network recorded 193,187 active addresses, with Cash Cat becoming the main center of attraction. The coin's name is a direct reference to the original name of the Robinhood service, which was initially planned to be called CashCat. Although the project is not officially affiliated with Robinhood or its co-founder Vlad Tenev, the nostalgic factor and clever positioning played their part.
A network for RWAs, but popularity lies with memes
Robinhood Chain, built on Arbitrum, was positioned as infrastructure for tokenizing real-world assets (RWAs). However, from day one, the key driver of activity turned out to be retail trading of meme coins. According to data from the analytics platform Dune, 16,639 tokens were created in the last 24 hours, with many already exceeding a market cap of $1 million.
Cash Cat became the leader in trading volume — about $98 million in 24 hours, with the number of unique traders reaching 8,720. This is more than any other token on the network. Following closely are Robinhood-themed meme coins — Dog In Hood and The Robinhood — which also entered the top in popularity.
Tenev's comment fueled the rally
The sharp rise in Cash Cat's price began after Vlad Tenev posted: "While we are building Robinhood Chain as the best network for tokenizing real-world assets, it is also perfectly suited for meme coins." Following this, the token updated its all-time high at $0.147.
However, by July 9, the price had corrected to $0.105, losing about 17% in a day. It remains unclear whether the meme coin can sustain its momentum after the initial wave of hype. In my opinion, this is a classic example of "meme hype" on new infrastructure: an emotional surge and support from a key figure provided a launch, but the sustainability of such projects is highly questionable. Without fundamental value and real utility, Cash Cat risks sharing the fate of many meme coins that quickly burned out after their peak.
Expert opinion from Cryptalist: Robinhood Chain demonstrates that even networks with ambitious RWA goals are not immune to "meme fever." This is a reminder to investors: hype is not a strategy. Watch the fundamentals, not the big names.