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Robinhood Chain DEX Volume Hits Record High Amid Cash Cat Frenzy

Source Beincrypto

Robinhood Chain’s daily decentralized exchange (DEX) trading volume reached $563.9 million on July 8. This marked a record high for the week-old network, as a meme coin rush overtook its tokenized-asset pitch.

The surge coincided with 193,187 daily active addresses. Cash Cat (CASHCAT), a token tied to Robinhood’s original name, led the frenzy.

Robinhood Chain Turns Into a Meme Coin Hub

Robinhood launched the Robinhood Chain public mainnet on July 1. The Layer 2 network runs on Arbitrum technology and targets real-world assets (RWA).

Nonetheless, retail meme trading set the tone instead since the launch. According to data from Dune, 16,639 tokens were created over the past 24 hours, and many have already exceeded a $1 million market cap.

Robinhood Chain DEX Volume. Source: Dune

One token that stands out among the new launches is Cash Cat. The meme coin draws inspiration from Robinhood’s early history.

Robinhood co-founder Vlad Tenev has previously hinted that the company was named CashCat before ultimately adopting its current brand.

https://t.co/xInQZoj2jx pic.twitter.com/5rs2Ki2Ocy
— Vlad Tenev (@vladtenev) April 14, 2021

However, it is worth noting that the token is not officially affiliated with either Robinhood or Tenev.

Tenev Comment Fuels the Cash Cat Surge on Robinhood

Cash Cat moved into the spotlight after its rally gained momentum following a post from Tenev.

“While we’re building Robinhood Chain to be the best chain for RWA … it works great for memes too,” he said.

Following the post, Cash Cat climbed to an all-time high of $0.147 on July 8, according to CoinGecko data. The token is also dominating trading activity on Robinhood Chain, recording roughly $98 million in 24-hour trading volume, according to a Dune dashboard. It attracted 8,720 unique traders, leading other tokens on the network.

Robinhood-themed meme coins, including Dog In Hood and The Robinhood, also ranked among the most actively traded assets.

Cash Cat Price Performance. Source: BeInCrypto Markets

However, the rally has since cooled. Cash Cat traded near $0.105 on July 9, down about 17% over the previous 24 hours, leaving open the question of whether the meme coin’s momentum can outlast the initial excitement.

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Disclaimer: For information purposes only. Past performance is not indicative of future results.

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