Robinhood Chain memecoin mania is driving explosive growth. The chain that launched on July 1 has seen a 1,200% surge in DEX volumes amid rising meme coin activity.
Three meme coins—Cash Cat (CASHCAT), Dog in Hood (DIH), and 4663 (4663)—are standing out with the highest trading volumes and market caps.
Why Robinhood Chain memecoin mania erupted
Data from DefiLlama shows that Robinhood Chain has seen $433 million in volume yesterday, July 8. Total transactions stood at 1.9 million at the time of writing.
The volumes are rising amid an ongoing meme coin mania on Robinhood Chain. This comes after Robinhood’s CEO, Vlad Tenev, urged more people to create and trade meme tokens on the network.
“While we’re building Robinhood Chain to be the best chain for RWA … it works great for memes too,” Tenev said.
Shortly after Tenev made this X post, the DEX volumes on Robinhood Chain increased from $32 million to $433 million. Consequently, this represents a 1,200% surge in DEX volumes in just 24 hours, per DeFiLlama.
Uniswap founder Hayden Adams also notes that Robinhood Chain is currently recording the second-highest volumes on Uniswap after Ethereum. Specifically, meme coins are what is driving this rise.
Cash Cat meme coin cools from ATH as bears test support
The Cash Cat meme coin surged by 1,100% between July 8 and July 9. The meme coin reached an all-time high of $0.14 on July 8. Nevertheless, some traders sold at the top to take profits, and this pulled the price down to $0.09.
CASHCAT needs to close above the support of $0.08 to resume the uptrend that pushed it to the July 8 high of $0.14. However, if it does not move above this support level, the price could drop to $0.078 if the traders who bought during the July 8 rally panic and start selling.
The RSI reading of 50 suggests that the momentum is neutral, where neither bears nor bulls have the upper hand. Nevertheless, the RSI line that is falling suggests that a lot of selling is taking place. Therefore, this makes it likely that this Robinhood Chain meme coin could drop to $0.0789.
DIH rakes in second-highest volumes among Robinhood Chain meme coins
Data from DEXScreener shows that the DIH meme coin had $5.5 million in trading volumes today, July 9. This was the second-highest volume after CASHCAT’s volume of $35 million.
Nevertheless, DIH has dropped from $0.010 on July 8 to $0.0003 as the traders who bought early sold and pulled the price down.
DIH needs to remain above the support of $0.0020 to avoid dropping to the July 6 low of $0.0011. Conversely, if the ongoing hype around Robinhood Chain meme coins draws buyers, DIH could rise to the resistance of $0.004.
The AO bars are green and negative, which suggests that the bearish momentum is becoming weak. Consequently, DIH could recover to $0.004.
4663 meme token moves in range as traders book profits
The 4663 meme coin on Robinhood Chain rose to $0.0029 on July 9 before dropping to $0.0017 on July 8, per DexScreener data.
The hourly chart shows that the price dropped whenever it reached the obstacle at $0.002. Therefore, this suggests that this is the price where traders are selling to take profits.
The support of $0.0015 is also serving as a good entry point for buyers. Specifically, the price has bounced each time it moved to this support.
The CMF indicator that is rising also suggests that the buying pressure is more than the selling pressure. Consequently, this could push the price of the meme coin to the obstacle of $0.002.
