The memecoin that became the standout token during Robinhood Chain’s early launch phase has climbed back to an $86 million market capitalization, while tokenized assets — the network’s primary focus — currently account for around $27.6 million.
CASHCAT, the cat-themed token that gained major attention during Robinhood Chain’s first trading days, has jumped 120% over the past week, recovering some of the losses that followed the initial July launch surge. The rally comes even as many other tokens released alongside it have lost momentum.
The token is trading near $0.087, gaining 22% over the past 24 hours, with a market value of roughly $86 million and daily trading volume near $9 million. However, it remains below its mid-July peak of approximately $0.22.
CASHCAT was created by independent developers using the cat-with-cash branding previously associated with Robinhood before the company changed direction. The project describes itself as “fan fiction with a ticker” on its website. It became the first major breakout success on Robinhood Chain shortly after the network’s July 1 mainnet launch, generating significant gains for some early holders.
The token’s rapid rise even drew attention from Robinhood Markets CEO Vlad Tenev, who had recently criticized assets without practical use cases but later acknowledged that the blockchain “works great for memes too.”
However, most projects launched during the same period have since faded. Noxa, the launch platform responsible for many of the July token releases, stopped supporting new launches on July 11 and became inactive shortly afterward after reportedly generating around $12 million in fees.
Daily token launches on Robinhood Chain have dropped significantly, falling from roughly 35,000 per day in mid-July to around 10,000, according to available data. Noxa still holds approximately $137,000 worth of CASHCAT and has not reduced its position, with its holdings remaining unchanged over the past week despite the token’s 75% increase in value.
CASHCAT’s ownership distribution has also expanded. Data from DEXTools shows the token has around 41,200 holders, with its entire 989 million token supply circulating and no locked allocation.
The largest individual holder is the Uniswap liquidity pool, which controls 2.47% of the supply. Other major wallets hold between 1.3% and 1.5% each.
The liquidity pool currently contains about $5 million, down from the $6.6 million supporting a $105 million valuation in July. Despite the decline, it remains the deepest liquidity pool among memecoins on the network.
Meanwhile, activity on Robinhood Chain has continued to grow. Total value locked (TVL) has reached $774 million, increasing 20% over the past week. Lending accounts for 43% of deposits, while asset management represents 41.5%.
Two major protocols account for most of the locked value. Morpho holds around $332 million and powers the lending infrastructure behind Robinhood’s on-chain earning product. Ethena accounts for approximately $236 million through its yield-generating dollar-pegged asset.
Stablecoin supply on the network has also increased, reaching $575 million, up 14% from the previous week.
Tokenized real-world assets, which represent the main purpose behind Robinhood Chain’s creation, now have an active market value of about $100 million. That is an increase from roughly $70 million in late July, when several tokenized stocks were generating more than $500,000 in daily trading volume and GameStop-related tokens alone reached $26 million.
Robinhood is currently covering transaction fees on the network until around late September. The next major test for adoption will come after that period, when users begin paying their own transaction costs and the network’s organic demand becomes clearer.
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