Robinhood lists CASHCAT meme coin in app and Legend as token surges, then pares gains
The cat-themed token, which says it has no official link to Robinhood despite riffing on a rejected company name, briefly more than doubled as trading volume spiked on Robinhood Chain.
Robinhood has made CASHCAT tradable in its app and on Legend, its desktop platform for active traders, extending support for a cat-themed meme coin that plays on a rejected name once considered by the company. The token says it has no official connection to Robinhood, and its website describes the project as "fan fiction with a ticker," while pointing to a 2021 post by Chief Executive Vlad Tenev about Cash Cat. CASHCAT rose from $0.0853 to $0.2143 in the 15 hours around Thursday's listing, a 151% move based on onchain trade data, before giving back much of the advance to trade near $0.1185. During the busiest midday UTC hour, the token jumped 66% from $0.1288 to $0.2143, with $17.2 million in turnover, the highest hourly trading volume of the day, according to GeckoTerminal. The peak came within 6% of the record high of $0.2288 set on July 11. The retreat highlighted the token's relatively shallow liquidity. CASHCAT's main trading pool holds about $5.3 million, while roughly $92.6 million changed hands over 24 hours, a mismatch that can amplify price swings when large orders hit the market. Even so, buys outpaced sells over the day at 31,267 against 19,088, chain data showed. At current levels, CASHCAT's market value is about $116.8 million, ranking it 232nd overall, with 48,710 wallets holding the token. The coin is up about 1,193% over 30 days and briefly exceeded a $200 million valuation in July. The move also fed back into Robinhood Chain activity. Robinhood launched its blockchain on July 1 on Arbitrum and said it was "purpose-built for real-world assets" such as shares and exchange-traded funds, but meme coin trading has dominated early usage. Thursday's exchange volume across the chain climbed 60% in a day to $517.8 million, while total deposits stood at $433 million, according to DefiLlama. Artemis has warned that speculative trading could complicate Robinhood's tokenization plans, and Bubblemaps said newly created wallets accumulated CASHCAT before the listing news without naming owners or alleging wrongdoing.
- meme coin: A crypto token whose trading activity is often driven by internet culture, community hype and speculation rather than core utility.
- real-world assets: Traditional financial assets such as shares or funds that are represented or traded using blockchain-based infrastructure.
- tokenization: The process of putting ownership or exposure to an asset onto a blockchain in digital token form.