However, the whole rests on fragile ground. CASHCAT has a market value of around $105 million compared to around $6.6 million of liquidity in its Uniswap pool, meaning it might not absorb even a fraction of the holders trying to leave at once.
The token is down about 12% over 24 hours and about a quarter from the nearly $145 million intraday peak it hit on Wednesday, and selling volume exceeded buying volume, $29.1 million from $28.9 million, on more than 30,000 trades from about 6,800 traders.
Robinhood did not create the token. CASHCAT’s own website describes it as “ticker fan fiction”, a project built by outsiders around the money cat logo that the company used in its early days before rebranding. The utility, the site says, “is cat.”
Interestingly, on July 2, the day after the channel went live, Robinhood CEO Vlad Tenev told CNBC that memecoins were largely a dead end because “assets without utility don’t serve a sustainable purpose” and that real-world token assets were the sustainable direction of crypto.
However, a few days later on July 7, as CASHCAT was climbing, he posted on X that while the company is building its channel to be best for real-world assets, “it also works great for memes.” He also tracked the token account.
