Two Traders Earn Nearly $1 Million Each on Robinhood Memecoin
Two cryptocurrency traders each made nearly $1 million in profit from the memecoin $CASHCAT following its listing on the Robinhood trading app. The first investor, who initially spent $791,000 on 13.14 million tokens, saw their value rise to $1.75 million, securing a $956,000 profit. The second trader purchased 9.96 million $CASHCAT for just $519, achieving a $985,000 gain within 12 hours.
On Thursday, August 6, $CASHCAT's price surged by roughly 80% at its peak, with its market capitalization skyrocketing from $15 million to around $137 million. This spike coincided with the token's addition to Robinhood. The previous day, Uniswap launched "Pools," a dedicated platform for memecoin launches on the Robinhood Chain. While initially intended for tokenized stocks and real-world assets, Robinhood Chain has seen memecoins become its dominant product.
Data from DeFiLlama shows a significant increase in activity on Robinhood Chain, with daily fees reaching $3.29 million, $2.2 million of which came from Uniswap. $CASHCAT is now the most popular token in the ecosystem, boasting a daily trading volume exceeding $46 million, far ahead of other memecoins like PIPEDOG and FRONG. This news follows a late-July incident where hackers compromised the social media account of Robinhood's CEO to promote a different memecoin.
cryptonews.ru9h ago
