However, it is all on shaky ground. CASHCAT has a market cap of about $105 million against about $6.6 million in liquidity in its Uniswap pool, meaning it might not absorb a fraction of the holders trying to exit at once.
The token is down about 12% in 24 hours and about a quarter from the intraday peak near $145 million it touched on Wednesday, and selling volume has increased to more than buying volume, $29.1 million against $28.9 million, across more than 30,000 transactions from about 6,800 traders.
Robinhood did not create the token. CASHCAT’s own website describes it as “fan fiction with a ticker”, a project built by outsiders around the cat-with-cash logo that the company used in its earliest days before rebranding. The tool, the site says, “is cat.”
Interestingly, on July 2, the day after the chain went live, Robinhood CEO Vlad Tenev told CNBC that memecoins were largely a dead end, as “assets without utility serve no lasting purpose” and that tokenized real-world assets were the lasting direction for crypto.
But days later on July 7, when CASHCAT rose, he wrote on X that while the company is building its chain to be the best for real assets, it “also works great for memes.” He also followed Token’s account.
