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Memecoin CASHCAT Rises 120% In A Week

Memecoin Cash Cat (CRYPTO: $CASHCAT) has risen 120% in the past week as investors turn back to the cat-themed token that dominated Robinhood Chain earlier this year.

Cash Cat was the breakout star on Robinhood Chain when the memecoin platform launched in July of this year. After cooling in recent weeks, interest in the digital token has been reignited.

Early on Aug. 6, CASHCAT was trading at $0.08 U.S., up 22% in the past 24 hours and giving it a market capitalization of $86 million U.S.

However, despite the current rebound, the Cash Cat token is still trading well below the $0.22 U.S. it reached in mid-July.

Cash Cat became the first breakout hit on Robinhood Chain after Robinhood Markets (NASDAQ: $HOOD) CEO Vlad Tenev said the token “works great for memes too.”

But CASHCAT had cooled along with interest in Robinhood Chain, which has seen token deployments drop from 35,000 per day in mid-July to about 10,000 currently.

The tokenized real-world assets Robinhood built the chain to host now carry an active market value of $100 million U.S.