Cash Cat (CASHCAT) pushed past a $200 million market cap at its record high on July 11, driven by fresh derivatives access, accumulation, and surging trading across Robinhood Chain.

The token hit an all-time high of $0.211 before easing to around $0.193, leaving its market cap near $192 million. It gained close to 29% over the past 24 hours. Overall, CASHCAT is up more than 4,000% in a week.

A Meme Coin Born From Robinhood Lore

CASHCAT is the first breakout meme coin on Robinhood Chain, the Layer 2 network the platform launched on July 1. The token borrows its name from CashCat, the working title Robinhood used before rebranding.

Interest climbed after Robinhood CEO Vlad Tenev signaled the chain also suited meme trading. Recent listings and derivatives access have since driven the latest leg higher.

What’s Driving the CASHCAT Surge

Hyperliquid listed CASHCAT perpetual futures by community request. The listing allows traders to take long or short positions with up to 3x leverage. The token also expanded to Solana through Sunrise, according to a post from the network. 

Meanwhile, on-chain demand stayed firm. GeckoTerminal data showed $34.89 million in 24-hour volume, with net buying of $1.36 million across 12,257 buys against 8,061 sells. Whale accumulation added fuel, including a wallet linked to trader Ansem that moved $233,000 into the token.

Furthermore, CASHCAT led Robinhood Chain activity with $40.05 million in volume, 43,403 trades, and 6,795 unique traders over 24 hours. 

The token ranks as the chain’s most-traded asset, though it sits within a much larger pool of activity. Robinhood Chain DEX volume reached a record $846.8 million on July 10, per Dune data. 

Active addresses also hit an all-time high of 306,893 that day, with 153,332 new users nearly matching 153,561 returning ones.

The rally shows how Robinhood Chain has pulled speculative capital toward its first viral token. Whether the CASHCAT rally holds now depends on sustained volume and buyer demand in the days ahead.

Source: BeInCrypto