Robinhood Chain's On-Chain Activity Plummets Amid Meme Coin Downturn
Robinhood Chain's on-chain activity has plummeted since September, sparking concerns that it may be a flash in the pan. The chain was launched on July 1 and quickly gained traction, becoming one of the most active public chains. However, its top three native tokens - PONS, CASHCAT, and AI - have been in a downtrend since August, with AI dropping 34% and CASHCAT falling 23%. Despite this, PONS has still gained 20% since September 1.
The chain's underlying metrics also show weakness. Daily network REV has reverted to levels seen before Robinhood Chain's 'hype period' at the end of August and early September. This downturn is partly due to Robinhood raising the on-chain gas cap, which exaggerates the magnitude of the pullback from the peak.
The growth in Robinhood stock tokens may not be driven by stocks themselves but rather fueled by meme coin speculation. The TVL for Robinhood stock tokens stood at $145.8 million as of October 1, largely flat compared to early September. This stagnation is attributed to speculative on-chain activity, particularly meme coins paired with Robinhood stock tokens launched on launchpads like LONG and Pons.