What to know:
- Robinhood Chain recorded $563.9 million in Uniswap trading volume on July 8, surging from $58.9 million a day earlier.
- The rally was fueled by the CASHCAT memecoin, which jumped over 10x in 24 hours and briefly reached a $100 million market cap.
- Network activity spiked with nearly 200,000 daily active addresses, including 140,000+ first-time wallets, while almost 16,000 new tokens were created.
Robinhood Chain made the biggest mark since the start of the launch of its mainnet, recording $563 million in trading volume on Uniswap on July 8. This huge spike in trading volume was driven by the CASHCAT memecoin that caught a lot of attention and increased activity on the blockchain way beyond RWAs.
As per the data provided by Dune, the network saw a massive growth in terms of volume, which stood at $563.9 million for Uniswap volume. It was a massive increase in the volume from $58.9 million that was witnessed the previous day.
The Uniswap founder Hayden Adams said that the daily trading volume of this chain is greater than that of any other network that is supported, except the Ethereum mainnet.
Also Read | SUI Price Could Reach $0.83 if Buyers Defend Key Support
CASHCAT Drives Robinhood Chain to New Highs
The reason for the high level of activity was CASHCAT, a memecoin derived from the old “Cashcat” mascot of Robinhood.
In just 24 hours, the price increased by over 10 times, reaching a market cap of $100 million. This spike in buying activity also resulted in the Uniswap V3 WETH trading pair for the chain hitting $212.3 million in terms of daily trading volume.
This event took place on the same day as the post by Robinhood’s CEO, Vlad Tenev, on X, stating that their blockchain “we’re building robinhood chain to be the best chain for RWA.”
As part of the hype around Robinhood Chain, the team behind the pump service, Pump.fun, decided to support Robinhood Chain, enabling people to purchase tokens on the SOL network without using a bridge.
However, according to data from DeFiLlama, the tokenized RWA market of the Robinhood Chain was much less valuable, at only $12.62 million in size. The maximum market cap of CASHCAT was approximately eight times greater than the total size of the chain’s RWA market.
Network Activity Surges Alongside Memecoin Rally
The thrill went beyond one token as Robinhood Chain had daily active addresses nearing 200,000, of which over 140,000 were wallets conducting their first-ever transactions on the blockchain.
Also within the 24 hours, almost 16,000 new tokens were minted, along with seven distinct memecoins worth over $1 million in market value.
The sudden rise is an indication of how memecoins become popular within a short time after being introduced on a blockchain. The growth of the user base was accompanied by increased activity from developers and launch pads.
Can Robinhood Chain Keep the Momentum Going?
Despite the high level of records being set, there is still uncertainty about whether such activity levels will be sustained after the hype on CASHCAT subsides.
The majority of those joining for the first time did so due to the presence of memecoins and not tokenized stocks or other tangible assets. Once the hype is over, a significant number of the new wallets and tokens created could become dormant.
However, if just some of these new users keep on using the platform, then Robinhood Chain may actually end up with a far larger user base than what was initially anticipated. With this influx of users, Robinhood Chain might be able to expose them to more of its platform’s offerings, including tokenized assets.
Also Read | SpaceX IPO Drives Elon Musk’s Net Worth Below $1 Trillion After Stock Slump
Be the first to comment