- Robinhood Chain entered the top five blockchains by 24-hour DEX trading volume less than a week after its public mainnet launch.
- Shares of Robinhood (HOOD) fell about 3% on Friday despite Morgan Stanley raising its price target to $124 with an ‘Equal Weight’ rating.
- A single memecoin, Cash Cat (CASHCAT), accounted for nearly $100 million of the network’s daily DEX volume, while tokenized stock trading represented only about $12.6 million.
- Cash Cat’s price rose nearly 90% in the last 24 hours, with retail sentiment turning bullish on Stocktwits.
Shares of Robinhood (HOOD) slumped about 3% on Friday, even as its new blockchain network, Robinhood Chain, climbed to fifth place among all chains by 24-hour DEX volume within a week of its public mainnet launch. The decline came despite Morgan Stanley raising its price target on HOOD to $124 from $95 while maintaining an ‘Equal Weight’ rating, citing expectations for stronger volumes and volatility in the second quarter.
Robinhood Chain, an Ethereum Layer-2 built on the Arbitrum stack, officially launched its mainnet on July 1. Consequently, its 24-hour DEX volume quickly surpassed established networks such as Arbitrum, Near Protocol, and Hyperliquid, according to data from DefiLlama. Meanwhile, Arbitrum’s price rose over 8% in the last 24 hours, while Near edged 0.5% lower and Hyperliquid gained 1.28%.
The bulk of Robinhood Chain’s early volume has been driven by a single memecoin, Cash Cat (CASHCAT), styled after Robinhood’s old mascot. Cash Cat alone accounted for close to $100 million of a daily total that peaked between $560 million and $570 million. Its price rose nearly 90% in the last 24 hours, with retail sentiment trending bullish and chatter at ‘extremely high’ levels on Stocktwits.
Tokenized stock trading—the feature the chain was designed for—represents only about $12.6 million in on-chain value so far. This small fraction highlights the memecoin-dominated activity, yet the rally in HOOD also coincided with Bitcoin (BTC) rising over 2.7% to $64,400. HOOD’s stock has traded flat this year but gained over 20% in the past 12 months.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
