‘CASHCAT’ trader turns $800 into over $1 million on Robinhood’s brand new blockchain
Robinhood’s blockchain went live on July 1 to move stocks onchain. Its first breakout hit is a memecoin named after the mascot the company abandoned.
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Summary
- A cat-themed memecoin called CASHCAT has become the first breakout hit on Robinhood’s new Arbitrum-based blockchain, soaring to a market value of about $105 million.
- Early buyers have turned tiny stakes into seven-figure windfalls, with the five most profitable wallets realizing roughly $3.7 million in gains, even as thousands of later traders provide the exit liquidity.
- Despite the frenzy, CASHCAT trades on thin liquidity and sharp price swings, highlighting the risks of speculative memecoins and complicating Robinhood’s push to position its chain as infrastructure for tokenized real-world assets.
