CASHCAT Market Cap Surges Temporarily Above $110 Million, Setting a New All-Time High, with a 24-Hour Gain of Over 1390%

BlockBeats News, July 8th, according to GMGN market data, Robinhood's on-chain Meme coin CASHCAT continued to surge in market cap, briefly exceeding $1.1 billion, hitting a new all-time high. It has now retraced to $1.04 billion, with a more than 13.9x increase in the past 24 hours.

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

Robinhood's co-founder and CEO, Vlad Tenev, today wrote on Platform X that while the company is building Robinhood Chain to be the premier "real-world assets" (RWA) chain, the chain is also "quite useful for meme coin speculation."

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