Robinhood Listing Sparks Wild 100 Percent Rally for Cash Cat

A cat meme coin named Cash Cat saw its price double on Thursday after getting listed on Robinhood. The token raced from 8 cents to over 21 cents in a massive fifteen hour window, pulling in heavy trading volume before cooling down to trade near 11 cents.

The project is based on a joke about a rejected name for the broker itself, pointing to an old social media post by the chief executive. Even though the team behind the token admits there is no official tie to the company, the asset still made it onto both the mobile app and the desktop trading platform.

Most of the price action happened in a single hour, generating over 17 million dollars in trades as buyers rushed in. However, the token gave back most of those gains quickly because the main trading pool was too small to handle the massive volume without heavy price swings.

This frenzy fits a wider pattern on the new Robinhood blockchain network launched in July. While the platform was designed for tokenized stocks and real world assets, traders have mostly used it to chase meme coins, pushing daily network volume past 500 million dollars.

Onchain trackers also flagged several fresh wallets that loaded up on the asset just days before the listing announcement, netting millions in paper profits. Traders should watch closely to see if retail demand sticks around now that the initial listing excitement is fading.