Meme Frenzy Continues
The pockets spent 0.04 $ETH, about $69, to purchase 20 million $CASHCAT, then bought the place for 0.415 $ETH, roughly $711 (a strong 10x return). Lookonchain flagged the pockets, noting the tokens would now be value over $2.7 million.
Money Cat has been the breakout token of Robinhood Chain, the Ethereum layer 2 community the brokerage launched on July 1 utilizing Arbitrum’s expertise. The meme coin (which describes itself as “fan fiction with a ticker”) is constructed by outsiders across the cat-with-cash brand Robinhood utilized in its earliest days, and the corporate itself has no position within the undertaking.
A 5,500% Week on Robinhood’s New Chain
$CASHCAT jumped over 1,400% in a single 24-hour stretch this week and has climbed greater than 5,500% over seven days, touching an all-time excessive of $0.16 earlier at present. The rally accelerated after Robinhood CEO Vladimir Tenev posted in regards to the chain’s capability to host each meme cash and tokenized real-world belongings, drawing a wave of consideration to tokens already reside on the community.
The frenzy has minted headline-grabbing winners, with one other dealer turning $838 into $1.05 million after holding 15 million $CASHCAT for 20 days. Equally, one other investor parlayed $85 right into a $2 million cashout.
Exercise on the brand new community has adopted the cash, with Bitcoin.com Information reporting yesterday that Robinhood Chain’s decentralized alternate ( DEX) quantity hit a report $563.9 million, with Money Cat alone accounting for roughly $98 million in each day buying and selling and extra distinctive merchants than every other token on the chain.
The Liquidity Entice Beneath the Meme
Money Cat’s order books present that the token carries a market worth of about $150 million in opposition to roughly $6.6 million of liquidity in its primary Uniswap pool. That ratio means the paper wealth of holders can not all exit at something near present costs (if even a fraction tries to promote directly, the value collapses lengthy earlier than most positions clear).
Meme coin veterans can simply acknowledge the sample from prior cycles, the place thin- liquidity tokens produced spectacular screenshots and equally spectacular spherical journeys. That mentioned, will probably be fascinating to see whether or not Robinhood Chain’s retail pipeline retains feeding contemporary consumers into the ecosystem quicker than early wallets take income.
The chain logged roughly 193,000 energetic addresses days after launch, momentum that would maintain the on line casino some time longer, or just widen the pool of merchants who will at some point inform their very own model of the $711 story.
