- CASHCAT jumped over 1,600% in 24 hours, pushing its market capitalization to $117 million.
- Whale buying and Ansem wallet speculation fueled demand for the CASHCAT memecoin.
- Robinhood has not endorsed CASHCAT despite the rally boosting attention around its Layer-2 chain.
Robinhood Chain-based memecoin CASHCAT continued its explosive rally on July 8. The token jumped more than 1,650% in 24 hours to trade around $0.112. The surge pushed CASHCAT’s market cap to $117 million, making it one of the day’s best-performing cryptocurrencies.
Notably, the public interest in Robinhood’s new Layer-2 blockchain has helped stir the rally. The token’s name references “Cashcat,” Robinhood’s original internal codename from its early years, which adds to its appeal. However, despite the price surge, Robinhood has not endorsed the memecoin.
Whale Buy Fuels Ansem Speculation
Blockchain analytics platform Lookonchain highlighted a wallet labeled “Ansem-2” that spent roughly $233,000 to buy 2.79 million CASHCAT within three hours. The purchase sparked speculation that crypto influencer Ansem may control the wallet.
According to Lookonchain, the wallet is linked to a Solana address that holds 10.5 million ANSEM tokens, worth about $2.7 million. The wallet has also seen around $2.6 million in profits from ANSEM holdings.
However, there is no confirmation that the wallet belongs to Ansem.
Robinhood CEO’s X Activity Draws Attention
CASHCAT gained further momentum after traders noticed that Robinhood CEO Vlad Tenev followed a CASHCAT-related account on X.
Tenev has not commented on the token or suggested any affiliation with the project. Even so, many traders viewed the move as a bullish signal, triggering more speculative buying.
CASHCAT is an independent, community-driven token built on Robinhood Chain. The Layer-2 network launched earlier this month using Arbitrum technology to offer faster and lower-cost decentralized applications.
Early Holders Secure Million-Dollar Gains
The rally has delivered massive returns for early investors. Lookonchain previously identified a wallet that turned an $838 investment into more than $1 million. The wallet bought 15.04 million CASHCAT about 20 days ago.
The trader later sold 13.5 million tokens for an estimated profit of $917,600. He still holds roughly 1.5 million CASHCAT, valued at more than $130,000 at current prices.
Those gains have fueled widespread discussion across crypto social media, with many traders calling CASHCAT one of the strongest-performing memecoins on Robinhood Chain.
Related: Robinhood Chain Can Support RWAs and Memecoins, Says CEO Tenev
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