Tokenized real-world assets (RWA) represent only $12.66 million in active market capitalization despite the recent surge in trading activity.
Much of this larger activity, however, came from memecoin traders piling into a new token, CASHCAT, named after Robinhood’s former company mascot. The token rose more than 2,100% in its first week, briefly reaching a market cap of $156 million, 12 times larger than the entire market of tokenized real assets on-chain.
It should be noted, however, that memecoins are volatile and driven by hype, and often lack sustainable growth. This lack of sustainability was evident on Wednesday, when Noxa, the token launcher that gave birth to CashCat, announced that it had stopped operating while directing all revenue to creators. The shutdown does not determine the fate of Robinhood Chain, but it highlights how quickly the activity built around memecoin launches can disappear.
Ironically, Robinhood CEO Vlad Tenev told CNBC on July 2 that memecoins were a dead end — useless assets that serve no purpose. Six days later, he posted that Robinhood Chain “also works great for memes,” presumably after seeing the success of CASHCAT.
Asked about this apparent contradiction, the company did not directly respond. “Early activity on Robinhood Chain is exciting: developers are building, users are engaging, and the chain is performing as expected,” Lee said.
