Fortunate Dealer Turns $85 Into $2 Million on Robinhood Chain Meme Coin – Decrypt

A affected person meme coin investor turned lower than $100 right into a small fortune on a brand new meme coin on Robinhood Chain, the brand new Ethereum layer-2 community from the brokerage and crypto trade Robinhood. 

A consumer with the Ethereum deal with starting in “0xeEE2,” purchased 0.05 ETH or round $85 price of CashCat on June 18, a couple of weeks earlier than the corporate formally introduced the general public launch of its community mainnet. On the time, the acquisition was adequate for round 17.4 million CashCat tokens.

Simply over three weeks later, the greenback quantity on paper has ballooned to greater than $2.3 million because the token exploded to a greater than $138 million market cap on the time of writing, valuing every CashCat token at round $0.138.

That mark is down from the token’s all-time excessive above a market cap of $142 million, at which level the dealer’s full stability would have approached $2.5 million in CashCat tokens—representing practically a 3 million p.c acquire from their beginning stack. 

On the token’s rise, the dealer behind the “0xeEE2” pockets has been systematically parting methods with their stack, dumping round 4 million CashCat tokens to understand earnings of $585,000, in accordance with on-chain analytics platform DEXScreener. Because it stands, the dealer nonetheless maintains a stability of 12.3 million CashCat tokens, price round $1.6 million. 

The newly surging meme coin’s momentum has coincided with a steeper pullback within the different notable token of the hour—”The Black Bull,” which trades as ANSEM—the Solana token named after the notable crypto persona and dealer, Ansem.

The token, which has skyrocketed greater than 190,000% within the final 13 days, has now fallen greater than 37% from its all-time excessive round $0.44 and a market cap above $400 million. It’s now altering palms at $0.26, a $260 million market cap, as meme coin merchants rush to the brand new scorching ball of liquidity on Robinhood Chain. 

Buying and selling exercise on Robinhood Chain has been spurred on by Robinhood CEO Vlad Tenev himself, who posted on X late yesterday: “Whereas we’re constructing robinhood chain to be one of the best chain for [real-world assets]… it really works nice for memes too.”

Because it stands, no less than two different meme cash on the nascent chain discover themselves within the prime 20 tokens by buying and selling quantity during the last 24 hours, in accordance with knowledge from DexScreener.