Meme coin SCHIFFY briefly surpassed $8.4 million in market value this morning, hitting a record high.

BlockBeats news, September 19, according to GMGN market data, the market cap of Robinhood Chain ecosystem meme coin SCHIFFY briefly surpassed $8.4 million this morning, hitting a new all-time high. The market cap has now fallen back to $7.48 million, with a 24-hour gain of 135.5%.

SCHIFFY uses the slogan "He doesn't fetch. He accumulates." as a parody of gold bug Peter Schiff, positioning itself as a "gold-hoarding dog coin." It is not paired with stablecoins, but instead trades directly against tokenized gold GLD on Uniswap v4.

The trading fee mechanism is: 100% burned on the SCHIFFY side, 90% of GLD distributed to holders, and 10% goes to the treasury, forming a deflationary + gold dividend flywheel. The project is tied to game studio Moku HQ (with experience related to Axie and Pixels) and plans to be used as a game IP and spending token.

BlockBeats reminds users: Meme coin markets are highly volatile and most lack real use cases, please do not FOMO.