The $WALLET meme coin, created on Robinhood Chain, initially collapsed 90% from an $84 million market-cap peak to roughly $9 million after Robinhood Wallet said it did not create, deploy, endorse or have any affiliation with the token. Later GMGN market data showed the market cap falling to $3.08 million before recovering to $15.56 million. The token’s rise was driven by speculation that its deployer’s wallet address was linked to Robinhood’s earlier infrastructure or potentially to CEO Vlad Tenev’s wallets, although those historical ties remain unconfirmed. Created through the Noxa factory with a total supply of 1 billion tokens, WALLET had already recorded session declines of 70% or more. The episode highlights risks on Robinhood Chain, a permissionless blockchain launched on July 1, 2026, for tokenized real-world assets, where Relay Protocol reported honeypot tokens and rapid rug pulls. Robinhood said users are responsible for evaluating tokens under its self-custody model, while Blockaid has been integrated to flag suspicious contracts. Odaily cautioned that meme coins can experience sharp price swings and urged investors to participate carefully.