Cat Memecoins Dominate Robinhood Chain

Roger that. This summer saw the launch of Robinhood Chain, a blockchain designed by the popular trading app to enable European customers to trade American stocks around the clock. However, five weeks after its debut, the chain is dominated by a set of cat memecoins rather than the tokenized equities it was intended for.

The largest of these cat tokens, CASHCAT, rose in value by over 1,700% in its first 24 hours and reached a peak valuation of $156 million. However, this is not an isolated incident, as the same pattern has repeated on every new blockchain for years.

There are four structural reasons why memecoins dominate new chains: regulation takes time; thin markets move sharply; brand names are mistaken for vetting; and stock tokens are too unexciting for this audience. The appeal of these cat tokens lies in their ease of use, with no regulatory requirements or product offerings needed.