CASHCAT, the memecoin that emerged as Robinhood Chain’s first major success story, has climbed back to an $86 million market value, while the tokenized assets the network was designed around currently stand at only about $27.6 million.
The cat-inspired token has surged 120% over the past week, reversing part of the decline that followed the excitement surrounding Robinhood Chain’s July launch. The rally comes despite a broader slowdown among many of the other tokens introduced during the network’s early days.
CASHCAT is trading near $0.087, gaining 22% over the last 24 hours, with a market capitalization of approximately $86 million and daily trading volume of about $9 million. The token, however, remains below its mid-July peak of nearly $0.22.
Created by independent developers, CASHCAT uses the cat-with-cash branding that appeared before Robinhood’s rebranding efforts. The project’s website describes it as “fan fiction with a ticker.” Shortly after Robinhood Chain went live on July 1, the token became the first breakout asset on the network, generating substantial returns for some early investors.
The rapid rise of CASHCAT even prompted commentary from Robinhood CEO Vlad Tenev. Although Tenev had recently criticized cryptocurrencies without clear utility, he later acknowledged that the chain could also support meme-based assets.
Most tokens launched alongside CASHCAT have since lost traction. Noxa, the platform that powered many of the network’s early token launches, stopped accepting new projects on July 11 and shut down shortly after, reportedly collecting around $12 million in fees.
Data shows that token launches across Robinhood Chain have dropped from about 35,000 per day in mid-July to roughly 10,000. Noxa still holds around $137,000 worth of CASHCAT and has not sold its holdings, leaving its balance unchanged as the token’s value rose.
The distribution of CASHCAT ownership has also widened. According to DEXTools data, the token has approximately 41,200 holders, with the full 989 million supply circulating and no locked tokens.
The largest holder is the Uniswap liquidity pool, which controls 2.47% of the total supply. Other major wallets each hold between 1.3% and 1.5%.
The liquidity pool currently contains around $5 million, down from the $6.6 million that supported a $105 million valuation during July’s peak. Despite the decline, it remains the deepest liquidity pool among memecoins on Robinhood Chain.
Meanwhile, the wider Robinhood Chain ecosystem has continued to grow. Total value locked has reached $774 million, marking a 20% increase over the past week.
Lending applications account for about 43% of deposits, while asset management represents roughly 41.5%. Morpho leads the ecosystem with around $332 million locked and provides lending infrastructure behind Robinhood’s on-chain earning product. Ethena follows with approximately $236 million in assets through its yield-focused dollar-pegged token.
Stablecoin liquidity on the network has also expanded to $575 million, increasing 14% from the previous week.
Tokenized real-world assets, which are central to Robinhood’s vision for the chain, now represent an active market value of around $100 million, up from approximately $70 million in late July. At that time, several tokenized stocks were recording more than $500,000 in daily trading volume, while GameStop-related assets reached $26 million.
Robinhood is currently subsidizing transaction fees on the network until around late September. The next major test will come after that period, when users begin paying their own transaction costs and the true level of organic activity becomes clearer.
