Robinhood Chain hype shifting, meme coins receding, rise of "Utility Tokens"

BlockBeats News, July 15, according to GMGN market data, last night, the Robinhood Chain's on-chain meme coins experienced a widespread sell-off led by the flagship CASHCAT. As of the time of writing, the market cap of CASHCAT has dropped to $138 million, with a 12% decrease in the past 24 hours. Other mainstream meme coins such as HOODRAT and JUGGERNAUT have seen a drop of over 25%.

Meanwhile, some "utility" tokens have bucked the trend and risen during this correction. Among them, INDEX surged by 160% last night due to attention from the Robinhood team members, and its market cap is now at $7.36 million. The project stated that it will use transaction fees to buy on-chain stock tokens and distribute them to INDEX holders.

Furthermore, the native DeFi project on the Robinhood Chain, ARROW, has increased by 47.56% in the past 24 hours, with a market cap of $22.43 million.

BlockBeats reminds users that the prices of these tokens are highly volatile, and users should invest with caution.