However, the whole matter is on shaky ground. CASHCAT has a market value of around $105 million against roughly $6.6 million of liquidity in its Uniswap pool, meaning it may not absorb even a fraction of the holders trying to exit immediately.
The token is down about 12% in 24 hours and about a quarter from the intraday peak near $145 million it hit on Wednesday, and sales volume has exceeded purchase volume, $29.1 million versus $28.9 million, in more than 30,000 transactions from about 6,800 traders.
Robinhood did not create the token. CASHCAT’s own website describes it as “symbol fan fiction,” a project built by outsiders around the cash cat logo the company used in its early days before rebranding. The utility, the site says, “is cat.”
Interestingly, on July 2, the day after the chain went live, Robinhood CEO Vlad Tenev told CNBC that memecoins were largely a dead end, as “useless assets have no lasting purpose” and that real-world tokenized assets were the lasting direction for cryptocurrencies.
However, days later on July 7, as CASHCAT was rising, he posted on He also followed the token account.
