CASHCAT Surges 120% in a Week as Robinhood Chain Reaches $774 Million in Value Locked

CASHCAT, a meme coin on Robinhood Chain, has surged 120% in value over the past week, reaching an approximate market cap of $86 million.

The cat-themed cryptocurrency, known as CASHCAT, has experienced a remarkable rebound, trading at about 8.7 cents after a 22% increase in the last 24 hours. Despite this growth, it remains significantly below its mid-July peak of nearly 22 cents. The token's recent surge comes amid a broader decline in launchpad activity on the Robinhood Chain, where many tokens have vanished since their debut.

Currently, Robinhood Chain boasts a total value locked (TVL) of $774 million, a 20% increase from the previous week. This figure includes approximately $100 million in tokenized real-world assets, with CASHCAT making up about 85% of that value. The liquidity pool for CASHCAT is the largest on the chain, with $5 million, although it has decreased from $6.6 million in July.

Developed by third parties, CASHCAT was inspired by a cat-with-cash logo previously utilized by Robinhood. It quickly became a standout success following the mainnet launch on July 1, generating substantial returns for early investors. Robinhood Markets CEO Vlad Tenev noted that the chain is effective for meme-based assets as well.

While CASHCAT has thrived, many tokens introduced alongside it have faded away, and the launchpad Noxa, which facilitated many of these tokens, has halted new launches and gone inactive. This has led to a sharp drop in token deployments across the chain's launchpads, from around 35,000 daily in mid-July to about 10,000 now.

Despite the challenges, the distribution of CASHCAT tokens has broadened, with approximately 41,200 holders. All tokens are circulating without locked allocations, and the largest holder is the Uniswap pool, representing 2.47% of the total supply.

Meanwhile, the market for tokenized real-world assets on the chain has seen a boost, rising from about $70 million in late July to $100 million now. This increase has been driven by significant trading volumes in tokenized stocks, particularly GameStop, which alone accounted for $26 million in transactions.

Robinhood continues to cover gas fees until the end of September, and the sustainability of this growth will be assessed once users begin incurring transaction costs.