Tokenized real assets (RWAs) account for only $12.66 million in active market capitalization despite the recent increase in trading activity.
Much of the larger activity came instead from memecoin traders who are piling into a new token, CASHCAT, named after Robinhood’s former company mascot. The token rose by more than 2,100% in the first week and briefly reached a market capitalization of $156 million, which is 12 times larger than the entire tokenized real asset market of the chain.
However, it is worth noting that memecoins are volatile and hype-driven by nature, and they often lack sustainable growth. That lack of sustainability was evident on Wednesday when Noxa, the token launch that spawned CashCat, announced it had stopped operating while sending all revenue to creators. The shutdown does not determine Robinhood Chain’s fate, but it does highlight how quickly activity built around memecoin launches can disappear.
Ironically, Robinhood CEO Vlad Tenev told CNBC on July 2 that memecoins were a dead end — unused assets that serve no purpose. Six days later, he wrote that Robinhood Chain “also works well for memes”, presumably after seeing CASHCAT’s success.
Asked about the apparent contradiction, the company did not directly address it. “The early activity on the Robinhood Chain is exciting: developers are building, users are engaging, and the chain is working as designed,” Lee said.
