CASHCAT jumps 120% in a week as Robinhood Chain TVL hits $774 million

The cat-themed token that dominated Robinhood Chain's first trading days is up 120% over the past week, recovering part of the slide that followed July's launch frenzy, even as the wave of tokens it launched alongside has thinned out.

CASHCAT trades near 8.7 cents, up 22% in the past 24 hours, with a market cap around $86 million on $9 million of daily volume. However, that is still well short of the roughly 22 cents it reached in mid-July.

The memecoin was built by outsiders around the cat-with-cash logo the company used before it rebranded, and its own website calls it "fan fiction with a ticker." It became the first breakout hit on the chain within a week of the July 1 mainnet launch, minting seven-figure returns for a handful of early wallets and prompting Robinhood Markets CEO Vlad Tenev, who had called assets without utility a dead end days earlier, to post that the chain "works great for memes too."

But most of what launched beside it is gone. Noxa, the launchpad behind July's wave, stopped accepting launches on July 11 and went dark two days later, having earned an estimated $12 million in fees.