Key facts
- CASHCAT, a memecoin on Robinhood Chain, has increased in value by 120% over the last week.
- The token's current trading price is around 8.7 cents, with a market capitalization of approximately $86 million.
- Robinhood Chain's total value locked (TVL) has reached $774 million, showing a 20% increase over the past seven days.
- The value of tokenized real-world assets on the chain has grown to $100 million.
- The launchpad Noxa, which facilitated early token launches, has ceased operations and holds $137,000 of CASHCAT without selling.
CASHCAT, a memecoin themed around a cat with a cash logo, has seen its value surge by 120% over the past week, trading near 8.7 cents. This recovery comes after a significant drop from its mid-July peak of approximately 22 cents. Despite the fading activity of many early tokens on the Robinhood Chain, the network's total value locked (TVL) has climbed to $774 million, with tokenized real-world assets (RWAs) reaching $100 million. CASHCAT itself represents about 85% of the value of these RWAs and remains the most liquid memecoin pool on the chain.
The memecoin, described by its creators as "fan fiction with a ticker," was an early success on the Robinhood Chain following its July 1 mainnet launch, generating substantial returns for initial investors. Robinhood Markets CEO Vlad Tenev acknowledged the chain's capability for meme assets, despite previously calling utility-less assets a dead end.
However, many other tokens launched alongside CASHCAT have since disappeared. Noxa, a launchpad that facilitated many of these early tokens, ceased operations and went dark. Token deployments across the chain's launchpads have decreased from around 35,000 per day in mid-July to approximately 10,000. Noxa still holds about $137,000 worth of CASHCAT and has not sold any of its holdings.
CASHCAT's holder base has expanded to over 41,200, with its entire 989 million supply in circulation. The largest holder is the Uniswap liquidity pool, followed by several large wallets holding between 1.3% and 1.5% each. The liquidity pool backing CASHCAT is valued at $5 million, down from $6.6 million in July, but remains deeper than other memecoin pools on the chain.
Despite the volatility of individual tokens, deposits on Robinhood Chain continue to grow. The TVL stands at $774 million, with lending protocols accounting for 43% and asset management for 41.5%. Morpho holds $332 million, serving as the lending market for Robinhood's on-chain earn product, while Ethena holds $236 million in assets for its yield-bearing dollar-pegged token. Stablecoins on the chain total $575 million, a 14% increase from the previous week.
The tokenized real-world assets, a key focus for Robinhood's chain development, now have an active market value of $100 million, up from $70 million in late July. Robinhood is currently covering gas fees, with users expected to begin paying for transactions around late September, which will provide a clearer indication of the chain's sustained activity.