Robinhood Chain speculation cools down, ecosystem tokens broadly pull back sharply, with PONS and AI both down over 58% from their highs.

BlockBeats news, October 4th, according to GMGN monitoring, tokens in the Robinhood Chain ecosystem have recently continued to pull back. PONS has fallen more than 58% from its historical high, with a current market cap of $414 million; Artificial Inu (AI) has fallen more than 70% from its high, with a current market cap of $133 million; CASHCAT has fallen more than 50% from its high, with a current market cap of $160 million; the stock-token Meme project MEME has fallen more than 90% from its high, with a current market cap of $15 million.

This round of pullback coincides with cooling speculative activity in the ecosystem. Stock-token Meme trading was previously an important force driving Robinhood Chain trading volume and the adoption of stock tokens, but as the prices of related tokens fell, token issuance and trading enthusiasm have clearly declined. Data shows that from September 29 to October 2, Pons V2 averaged 6,768 token issuances per day, down about 72% from the first half of September; average daily fees fell from $6.87 million to $1.48 million, down about 78%, while average daily DEX trading volume across the chain fell about 35% during the same period. This indicates that trading in existing tokens is still continuing, but the wave of new token issuance has clearly receded. The decline in fees has also weakened buyback support for PONS. As protocol fee revenue declines, the scale of funds available for buybacks also shrinks accordingly.

In addition, Robinhood's massive brokerage user base has not yet been fully converted into new on-chain capital. Data shows that the in-app trading path of Robinhood Wallet accounted for only about 1% to 2% of daily transaction counts across the chain at its peak, with the rest of the activity mainly coming from trading terminals, Uniswap, token issuance platforms, and other crypto-native users. Therefore, the ecosystem's previous growth still relied heavily on on-chain speculative capital, rather than sustained inflows from users of Robinhood's main app.

Repeated incidents of token manipulation and liquidity extraction within the ecosystem may also have lowered market risk appetite. Bitquery previously tracked the same group issuing 56 Meme coins on Robinhood Chain, with net profits of about $15.5 million, while related buyers collectively lost about $13.3 million. Such cases may affect investors' trust in newly issued tokens.

The HOOD Summit 2026 held at the end of September mainly announced products such as AI trading agents, weekend stock trading, and perpetual contracts provided through Bitstamp, but did not announce direct incremental measures for Robinhood Chain native tokens, and therefore did not create an immediate on-chain catalyst. However, the ecosystem's underlying capital has not shown an obvious simultaneous contraction: DefiLlama data shows that Robinhood Chain DeFi TVL is currently about $1.051 billion, and stablecoin market cap is about $1.055 billion. Overall, this round of adjustment is more concentrated in Meme and stock-token Meme tokens that had previously risen sharply, and the ecosystem is shifting from a phase of rapid speculative expansion after mainnet launch to a phase relying on actual trading demand and user growth.