Robinhood Chain's Memecoin Frenzy Loses Steam

RHChain, launched just a month ago, has seen its valuation plummet after an initial surge in popularity. The platform's promise of tokenized stocks and a Layer-2 network failed to materialize as users flocked to memecoin speculation instead.

The chain's flagship memecoin, CASHCAT, briefly reached a market capitalization between $100 million and $400 million but has since stabilized at around $135 million. Only five tokens on RHChain currently maintain a market cap above $10 million.

Total value locked (TVL) on the platform reached an estimated $312 million, with daily decentralized exchange volumes peaking above $600 million. Tokenized stock volumes showed real momentum, growing to an estimated $70 million by late July, but still lag behind memecoin market cap of approximately $358 million.