CASHCAT Market Cap Surges Above $98 Million Briefly, Surpassing 11x in 24 Hours

BlockBeats News, July 8th, according to GMGN market data, the market cap of Robinhood's on-chain Meme coin CASHCAT continued to surge, briefly surpassing $98 million and now retraced to $92.47 million, with a more than 11x increase in the past 24 hours.

Robinhood's early mascot on the stock trading app was CASHCAT, which later rebranded to Robinhood. On July 1st this year, Robinhood launched its native L2 chain, the Robinhood Chain, focusing on on-chain finance and RWAs.

Robinhood's co-founder and CEO Vlad Tenev today stated in a post on Platform X that while the company is building Robinhood Chain to be the best Real World Asset (RWA) chain, the chain is also "great for trading MEME coins."

BlockBeats reminds users that Meme coins often lack practical value and experience significant price volatility, so trading should be approached with caution.