The cat-themed token that dominated Robinhood Chain's first trading days is up 120% over the past week, recovering part of the slide that followed July's launch frenzy, even as the wave of tokens it launched alongside has thinned out.
CASHCAT trades near 8.7 cents, up 22% in the past 24 hours, with a market cap around $86 million on $9 million of daily volume. However, that is still well short of the roughly 22 cents it reached in mid-July.
The memecoin was built by outsiders around the cat-with-cash logo the company used before it rebranded, and its own website calls it "fan fiction with a ticker." It became the first breakout hit on the chain within a week of the July 1 mainnet launch, minting seven-figure returns for a handful of early wallets and prompting Robinhood Markets CEO Vlad Tenev, who had called assets without utility a dead end days earlier, to post that the chain "works great for memes too."
But most of what launched beside it is gone. Noxa, the launchpad behind July's wave, stopped accepting launches on July 11 and went dark two days later, having earned an estimated $12 million in fees.
Token deployments across the chain's launchpads have fallen from roughly 35,000 per day in mid-July to about 10,000, according to data. Noxa still holds around $137,000 of CASHCAT and has not sold; its balance has been flat over the past week while the value has risen 75%.
CASHCAT's own distribution has broadened. DEXTools data shows the token has about 41,200 holders, the full 989 million supply is circulating with no locked allocation, and the largest single holder is the Uniswap pool providing its liquidity, at 2.47%.
The biggest wallets below that hold between 1.3% and 1.5% each. That pool holds $5 million, down from the $6.6 million backing a $105 million valuation in July, but still deeper than any other memecoin pool on the chain.
Deposits kept climbing through it all. Total value locked stands at $774 million, up 20% over seven days, with lending at 43% and asset management 41.5%. Two protocols hold nearly three-quarters of it: Morpho, at $332 million, is the lending market behind Robinhood's own onchain earn product. Ethena, with $236 million in assets, issues a dollar-pegged token that pays holders a yield. Stablecoins on the chain total $575 million, up 14% from the week prior.
The tokenized real-world assets Robinhood built the chain to host now carry an active market value of $100 million, up from about $70 million in late July, when a dozen tokenized stocks were each clearing more than $500,000 a day, and GameStop's alone did $26 million.
Robinhood is covering gas fees through roughly late September. The first real read on whether any of this sticks comes after that, when users start paying to transact.