HMM (Thinking Cat), a meme coin in the Robinhood Chain ecosystem, extended its rally on Aug. 12, pushing its market capitalization to about $20.68 million at its peak, an all-time high, before easing to around $19.11 million. The token was still up about 167% over 24 hours, with trading volume during the same period at roughly $2.3 million, according to GMGN monitoring cited by BlockBeats. The project's narrative has centered on its role as a Wirebot debut and demonstration meme coin alongside the broader PONS ecosystem story. Wirebot had previously used Thinking Cat as a public example when it opened a feature allowing users to issue and trade tokens directly through X posts, helping HMM gain an early native meme label on Robinhood Chain. Recent gains may also have been driven by rising interest in PONS and Robinhood Chain, as well as an alpha listing on a trading platform. BlockBeats noted that meme coin trading is highly volatile, often driven by market sentiment and thematic speculation rather than practical value or use cases, and said investors should be aware of the risks.