Trader Turns $800 Into $1M as Meme Coin Takes Off on Robinhood’s New Chain

A cat themed memecoin called CASHCAT has emerged as the first major hit on Robinhood’s newly launched blockchain, surging to a market value of roughly $105 million. The token, named after a mascot Robinhood used before its rebrand, took off just days after the Arbitrum based network went live on July 1.

Early Buyers Cash In Big

One trader turned an $838 investment into more than $1 million after buying 15.04 million tokens roughly three weeks ago, later selling most of the position for around $917,600 while holding onto additional tokens worth about $133,700. Another wallet turned an $85 purchase into over $1.9 million in realized and paper gains. The five most profitable wallets have collectively banked close to $3.7 million.

Shaky Foundations Behind the Rally

Despite the gains, CASHCAT sits on thin liquidity, with roughly $6.6 million backing its Uniswap pool against a market value many times larger. The token has already fallen about 12% in a day and roughly a quarter off its peak, with sell orders beginning to outpace buying activity.

Robinhood’s CEO Sends Mixed Signals

Robinhood CEO Vlad Tenev initially dismissed memecoins as lacking lasting utility, favoring tokenized real world assets instead. Days later, as CASHCAT rallied, he acknowledged on social media that the chain “works great for memes too.” Solana-based launchpad Pump.fun has also added support for trading Robinhood Chain tokens, further fueling speculative activity on the new network.