As the Robinhood Chain took the Ethereum (ETH) Layer Two (L2) ecosystem by storm as of July 13, a crypto trader turned $85 into more than $2 million with a meme coin dubbed Cash Cat (CASHCAT).
The crypto trader (0xeee2) spent about 0.05 ETH, valued at around $85, to purchase 17.5 million CASHCAT on June 18, via Robinhood Chain. The position, acquired before the chain’s public mainnet on July 1, exploded in value after Vlad Tenev, CEO at Robinhood Markets, Inc. (Nasdaq: HOOD), supported meme coins on the network.
Tenev noted that the network “works great for memes too,” thereby sparking massive buying interest for CASHCAT. As the meme coin’s market capitalization surged above $140 million in early July, the crypto trader held more than $2 million in unrealized profits.
The crypto trader has since sold portions of the CASHCAT stack but still retains the majority of it, according to on-chain data tracker Bubblemaps. Meanwhile, the trader holds over 13.8 million CASHCAT, valued at over $2.07 million at press time, as per metrics from Lookonchain.
Crypto trader benefits from a TradFi-focused chain
The crypto trader has made a fortune from Robinhood Chain, which focuses on tokenizing Traditional Finance (TradFi) products. Since its launch, the Robinhood Chain has gradually become a major TradFi ecosystem.
Moreover, Robinhood Chain has attracted over $290 million in stablecoins, $134 million in Total Value Locked (TVL), 12 million in Real-world Assets (RWAs), and $4 billion in cumulative Decentralized Exchange (DEX) volume, as per an update from DeFiLlama.
What’s next for the CASHCAT meme?
The CASHCAT’s price outlook could be affected by Robinhood Chain’s growth momentum and exchange listings. At press time, the meme token was traded heavily on Uniswap V3, MEXC, and Meteora DLMM.
As such, CASHCAT has seen its market cap grow to nearly $156.71 million at the time of publication. If the memecoin continues to attract more traders following the extreme profits of early investors, it could rally further and outshine top Solana (SOL) meme coins in the near future, and vice versa.
