Meme Coin Fever Hits Robinhood Chain, Bitwise Cleans Up Top-10 Index

The Robinhood Chain blockchain has seen massive activity since its launch just over a week ago. The CashCat meme coin, which is one of the network's flagship tokens, saw its market capitalization break above $140 million at its peak. In one day, it gained more than 1,000% and by morning its price had settled around $0.083.

According to on-chain data, one trader bought a batch of CASHCAT 20 days ago for just $838, then during the hype withdrew $917,600 in pure profit, while leaving another hundred thousand dollars in tokens.

The total liquidity pool of CASHCAT is only $2.6 million, which means only a few people could actually pull real millions out of the system.