Tokenized real-world property (RWAs) account for simply $12.66 million in energetic market capitalization regardless of the latest spike in buying and selling exercise.
A lot of that bigger exercise, as a substitute, got here from memecoin merchants piling into a brand new token, CASHCAT, named after Robinhood’s former firm mascot. The token rallied by greater than 2,100% in its first week, briefly reaching a $156 million market cap, which is 12 occasions bigger than the chain’s complete tokenized real-world asset market.
It’s price noting, although, that memecoins are risky and hype-driven by nature, usually missing sturdy development. That lack of sustainability was evident on Wednesday, when Noxa, the token launcher that spawned CashCat, introduced it had stopped working whereas directing all income to creators. The shutdown doesn’t decide the destiny of Robinhood Chain, however it underscores how rapidly exercise constructed round memecoin launches can disappear.
Paradoxically, Robinhood CEO Vlad Tenev instructed CNBC on July 2 that memecoins had been a useless finish – property with no utility that serve no function. Six days later, he posted that Robinhood Chain “works great for memes too,” presumably after seeing CASHCAT’s success.
Requested concerning the obvious contradiction, the corporate didn’t immediately deal with it. “The early activity on Robinhood Chain is exciting: developers are building, users are engaging, and the chain is performing as designed,” Lee stated.
