In brief – Appetite for meme coins has fueled initial activity on Robinhood chain, helping generate $3.1 billion in DEX volumes over a seven-day period. – Although users on the network own around $13 million in so-called stock tokens, the leading meme coin on Robinhood Chain is…
rth $150 million. – The retail brokerage’s shares have climbed 19% over the past month, almost erasing year-to-date losses amid a tepid crypto market. Robinhood spent over a year building a blockchain around the idea that users want to trade tokens tied to the world’s most valuable companies
But since Robinhood Chain debuted two weeks ago, digital assets with cute pictures and funny names have led the charge. Although the Ethereum layer-2 scaling network offers users a way to trade tokenized versions of firms like Apple and Nvidia, initial activity on Robinhood Chain has been fueled by interest in meme coins, analysts at investment bank Bernstein shared in a Monday note. “Early trading volumes on Robinhood Chain were led by meme coins, but [it] shows strong liquidity and traction from crypto-native traders,” they wrote, while emphasizing the retail brokerage’s growing focus on products and services tied to real-world assets. The analysts noted that the network has quickly become a top-five destination for trading assets on-chain, facilitating $3.1 billion in cumulative trading volume over the past seven days via decentralized exchanges such as Uniswap and PancakeSwap.
Meanwhile, around 65,000 users have gained exposure to $13 million in so-called stock tokens, which are available in over 120 countries but not in the U.S., the analysts added. On Monday, around 25,000 wallets held Cash Cat, according to Blockscout. At a market cap of $150 million, the token modeled on a picture of a cat is the most valuable meme coin on the network, based on market cap.