A trader who bought CASHCAT early turned an $838 stake into realized and paper gains of more than $1 million as the memecoin surged on Robinhood’s new Arbitrum-based blockchain. The episode highlights both the rapid activity memecoins can bring to new networks and the sharp liquidity risks that come with speculative trading.
A trader who bought CASHCAT early turned an $838 stake into realized and paper gains of more than $1 million as the memecoin surged on Robinhood’s new Arbitrum-based blockchain. The episode highlights both the rapid activity memecoins can bring to new networks and the sharp liquidity risks that come with speculative trading.
The token’s structure also points to the risks behind the headline returns. CASHCAT had a market value of about $105 million against roughly $6.6 million of liquidity in its Uniswap pool, meaning large exits could be difficult to absorb. The token was down about 12% over 24 hours and roughly a quarter below an intraday peak near $145 million, with sell volume slightly ahead of buy volume across more than 30,000 transactions from about 6,800 traders.
A cat-themed memecoin called CASHCAT has become the first breakout token on Robinhood Chain, the Arbitrum-based blockchain Robinhood launched on July 1 to support onchain stocks and bonds. According to onchain data cited by CoinDesk, one early buyer spent $838 on 15.04 million CASHCAT tokens about three weeks ago, later selling roughly 13.5 million for about $917,600 while still holding tokens worth around $133,700 during Asian afternoon hours on Thursday.
The surge matters because Robinhood has positioned its new chain as infrastructure for tokenized real-world assets, not as a venue led by meme speculation. Still, speculative trading has quickly supplied the network with attention, wallets and transaction volume, showing how memecoins can become an early activity driver even when a platform’s stated strategy is focused elsewhere.
CASHCAT’s gains were not limited to one wallet. CoinDesk reported that a second wallet turned an $85 buy into realized proceeds of about $687,700, with another roughly $1.2 million still held on paper. DEXScreener data cited in the report showed the five most profitable wallets had realized close to $3.7 million in total gains.
The token’s structure also points to the risks behind the headline returns. CASHCAT had a market value of about $105 million against roughly $6.6 million of liquidity in its Uniswap pool, meaning large exits could be difficult to absorb. The token was down about 12% over 24 hours and roughly a quarter below an intraday peak near $145 million, with sell volume slightly ahead of buy volume across more than 30,000 transactions from about 6,800 traders.
Robinhood did not create CASHCAT. The token’s own website describes it as a fan-made project built around the cash-carrying cat logo Robinhood used in its early days before rebranding. The timing has added a layer of irony: Robinhood CEO Vlad Tenev told CNBC on July 2 that memecoins were largely a dead end because assets without utility do not serve a lasting purpose, then posted days later that while the company is building its chain for real-world assets, it also works for memes.
Keep exploring
Bitget plans to exit the Japanese market and close all remaining positions by the end of the year. The move adds to ongoing shifts among crypto companies navigating Japan’s regulatory environment.
Read
CoinDesk’s State of Crypto coverage counts down recent developments shaping the crypto policy and market landscape. The report frames these changes as important for how companies and participants navigate the sector.
Read
Strategy said it is holding the dividend on its STRC preferred stock at 12%. The decision keeps the payout unchanged for investors in the company’s yield-focused security.
Read