CASHCAT memecoin surge reached over 1100% within 24 hours after Robinhood CEO’s endorsement. The token tapped a market cap of over $150 million and a price above $0.15 in just one day after launch.
The project launched as the mascot of the Robinhood app. Nevertheless, it has now become the first major memecoin story on Robinhood since the chain’s launch on July 1.
Why CASHCAT memecoin surge happened
Robinhood Chain started with real-world assets, on-chain finance, and analytics. Later, it also launched Trump Accounts for retail. Memecoins were not on the list. However, Robinhood CEO Vlad Tenev made a public post saying, “Robinhood Chain will be the best chain for RWA, but it’s great for memes as well.” He also followed CASHCAT’s official X account.
Consequently, that one catalyst changed the direction of the memecoin.
One trader made $1.6M from an $86 investment
A crazy move in a single CASHCAT trade captured LookOnChain’s attention. Before the surge, a wallet (known as 0xeee2) purchased 17.5 million CASHCAT tokens for just $86.
Later, the trader sold 3.6M CASHCAT for $390.5K. He still holds 13.8M CASHCAT ($1.24M). This story made headlines and helped to continue the momentum that had been rolling since Tenev’s tweet.
The market capitalization tells the full story. CASHCAT tapped a $150 million market cap. Nevertheless, it saw a drop back to about $120 million. The current consolidation around a $124 million market cap indicates neutral momentum. Some analysts are targeting a $1 billion market cap if buying continues.
Where CASHCAT is actually trading
CASHCAT is currently available to buy on Uniswap V3, via Robinhood, MEXC, Hibt, PancakeSwap, and Meteora DAMM.
GemTools founder has announced that the Beta test of his app GemTools is nearly ending and that it is going very well and it will give the memecoins traders to have a piece of the trenchers cake. In the last 24hrs only the GT alerts option presented a 54% win rate which is huge in the memecoin world .
What CASHCAT’s surge means for the memecoin market
CASHCAT isn’t a native Robinhood launch. Specifically, it is a memecoin that has taken Robinhood’s brand and received endorsement from the CEO.
The question of whether CASHCAT will hold its market cap or retrace dramatically is insignificant when compared to what this week has shown. Namely, Robinhood Chain can push memecoin momentum. Furthermore, this breakout story can lead to more volume coming into Solana memecoins.
