Tokenized real-world belongings (RWAs) account for simply $12.66 million in energetic market capitalization regardless of the current spike in buying and selling exercise.
A lot of that bigger exercise, as an alternative, got here from memecoin merchants piling into a brand new token, CASHCAT, named after Robinhood’s former firm mascot. The token rallied by greater than 2,100% in its first week, briefly reaching a $156 million market cap, which is 12 occasions bigger than the chain’s whole tokenized real-world asset market.
It’s price noting, although, that memecoins are unstable and hype-driven by nature, typically missing sturdy development. That lack of sustainability was evident on Wednesday, when Noxa, the token launcher that spawned CashCat, introduced it had stopped working whereas directing all income to creators. The shutdown doesn’t decide the destiny of Robinhood Chain, nevertheless it underscores how rapidly exercise constructed round memecoin launches can disappear.
Paradoxically, Robinhood CEO Vlad Tenev informed CNBC on July 2 that memecoins had been a lifeless finish – belongings with no utility that serve no objective. Six days later, he posted that Robinhood Chain “works nice for memes too,” presumably after seeing CASHCAT’s success.
Requested in regards to the obvious contradiction, the corporate didn’t instantly deal with it. “The early exercise on Robinhood Chain is thrilling: builders are constructing, customers are partaking, and the chain is performing as designed,” Lee mentioned.