Key facts
- A trader invested $85 in CashCat meme coin on Robinhood Chain.
- The investment has grown to over $2.3 million in value.
- The trader has realized $585,000 in profits by selling some tokens.
- CashCat's market cap has exceeded $138 million.
- Robinhood CEO Vlad Tenev acknowledged the chain's suitability for meme coins.
A cryptocurrency investor has achieved a remarkable return, transforming an initial $85 investment into over $2 million by trading the CashCat meme coin on Robinhood Chain. The trader, identified by the Ethereum address beginning with “0xeEE2,” purchased approximately 17.4 million CashCat tokens on June 18 for about 0.05 ETH, shortly before Robinhood officially launched its network mainnet.
As of recent reporting, the value of these tokens has surged to more than $2.3 million, driven by CashCat's market capitalization exceeding $138 million. At its peak, the trader's holdings approached $2.5 million, representing a gain of nearly 3 million percent. The investor has strategically sold about 4 million CashCat tokens, realizing $585,000 in profits, while still retaining 12.3 million tokens valued at approximately $1.6 million.
The surge in CashCat's popularity has coincided with a pullback in another notable meme coin, ANSEM, associated with crypto personality Ansem. Trading activity on Robinhood Chain has been further stimulated by Robinhood CEO Vlad Tenev, who noted the chain's effectiveness for meme coins, despite its primary development focus on real-world assets.
Data from DexScreener indicates that at least two other meme coins on the Robinhood Chain are currently among the top 20 tokens by trading volume in the last 24 hours.