Money Cat (CASHCAT) pushed previous a $200 million market cap at its report excessive on July 11, pushed by contemporary derivatives entry, accumulation, and surging buying and selling throughout Robinhood Chain.
The token hit an all-time excessive of $0.211 earlier than easing to round $0.193, leaving its market cap close to $192 million. It gained near 29% over the previous 24 hours. Total, CASHCAT is up greater than 4,000% in per week.
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A Meme Coin Born From Robinhood Lore
CASHCAT is the primary breakout meme coin on Robinhood Chain, the Layer 2 community the platform launched on July 1. The token borrows its identify from CashCat, the working title Robinhood used earlier than rebranding.
Curiosity climbed after Robinhood CEO Vlad Tenev signaled the chain additionally suited meme buying and selling. Latest listings and derivatives entry have since pushed the most recent leg greater.
What’s Driving the CASHCAT Surge
Hyperliquid listed CASHCAT perpetual futures by group request. The itemizing permits merchants to take lengthy or quick positions with as much as 3x leverage. The token additionally expanded to Solana by means of Dawn, in accordance with a put up from the community.
In the meantime, on-chain demand stayed agency. GeckoTerminal information confirmed $34.89 million in 24-hour quantity, with internet shopping for of $1.36 million throughout 12,257 buys towards 8,061 sells. Whale accumulation added gasoline, together with a pockets linked to dealer Ansem that moved $233,000 into the token.
Moreover, CASHCAT led Robinhood Chain exercise with $40.05 million in quantity, 43,403 trades, and 6,795 distinctive merchants over 24 hours.
The token ranks because the chain’s most-traded asset, although it sits inside a a lot bigger pool of exercise. Robinhood Chain DEX quantity reached a report $846.8 million on July 10, per Dune information.
Lively addresses additionally hit an all-time excessive of 306,893 that day, with 153,332 new customers practically matching 153,561 returning ones.
The rally reveals how Robinhood Chain has pulled speculative capital towards its first viral token. Whether or not the CASHCAT rally holds now relies on sustained quantity and purchaser demand within the days forward.
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The put up Money Cat Token Surges 4,000% and Hits $200 Million Market Cap, However Why? appeared first on BeInCrypto.