CASHCAT Doubles in a Week as Robinhood Chain’s Locked Value Tops $774 Million

CASHCAT, the cat-themed memecoin that dominated Robinhood Chain’s early trading, has climbed 120% over the past week even as most of the tokens that launched alongside it have faded. The chain’s total value locked has climbed to $774 million in the same stretch.

The token’s rebound comes amid a broader slowdown in new token activity on the chain, which launched on Ethereum’s Layer 2 network on July 1.

Token Recovers Part of Its Post-Launch Slide

CASHCAT traded near 8.7 cents, up 22% over 24 hours, with a market cap of about $86 million on $9 million in daily volume. That remains well below the roughly 22-cent level the token reached in mid-July, near the peak of the chain’s early trading activity.

The token was built by outside developers using the cat-and-cash logo Robinhood’s founders had used internally before the company’s rebrand. Its own website describes it as fan fiction built around a ticker. CASHCAT became the chain’s first breakout token within a week of the mainnet launch, generating seven-figure returns for a handful of early wallets.

Robinhood CEO Comments on Meme Token Activity

Robinhood Markets CEO Vlad Tenev had said days earlier that tokens without underlying utility were a dead end. He later posted that the chain “works great for memes too,” though the company’s stated goal for the chain centers on tokenized real-world assets.

The comment came as CASHCAT’s early success pulled trading volume and attention toward memecoins rather than the tokenized-asset use case Robinhood had promoted at launch.

Most Other Early Tokens Have Faded

The broader wave of tokens that launched alongside CASHCAT has largely disappeared. Noxa, the launchpad behind July’s surge in new listings, stopped accepting new launches on July 11 and went offline two days later, having generated an estimated $12 million in fees.

Daily token deployments across the chain’s launchpads have fallen from roughly 35,000 in mid-July to about 10,000, according to on-chain data. Noxa still holds around $137,000 worth of CASHCAT and has not sold, with its token balance flat over the past week even as the position’s value rose 75%.

Holder Base Has Broadened as the Token Matures

CASHCAT’s distribution has spread out since launch. On-chain data shows the token has about 41,200 holders, with its full supply of 989 million tokens circulating, and no locked allocation held back. The largest single holder is the Uniswap liquidity pool backing the token, at 2.47% of supply, with the next-largest wallets each holding between 1.3% and 1.5%.

That liquidity pool currently holds $5 million, down from the $6.6 million that supported a $105 million valuation in July, though it remains one of the deeper memecoin pools on the chain, according to on-chain data.

Locked Value Keeps Climbing Despite the Memecoin Slowdown

Robinhood Chain’s total value locked reached $774 million, up 20% over the past week. Lending activity accounts for 43% of that figure and asset management for 41.5%, with two protocols holding nearly three-quarters of the total. 

Morpho, the lending market underpinning Robinhood’s on-chain earn product, holds $332 million. Ethena, which issues a dollar-pegged, yield-bearing token, holds $236 million. Stablecoin balances on the chain total $575 million, up 14% from the prior week.

Tokenized real-world assets, the category Robinhood has cited as the chain’s core purpose, now carry an active market value of $100 million, up from about $70 million in late July. Robinhood is covering user gas fees on the chain through roughly late September, after which current activity levels will be tested once users begin paying transaction costs themselves.