- HMM gains momentum as traders shift attention to newer Robinhood Chain memes.
- Memecoins accounted for 79.2% of Robinhood Chain’s DEX volume on July 27.
- RWA activity grew as memecoin trading increasingly merged with tokenized stocks.
Thinking Cat (HMM) is raising interest in Robinhood Chain after CASHCAT emerged as the network’s first major memecoin breakout. HMM gained by about 92% over the past 24 hours, with its price trading at $0.01711. The token had reached an all-time high of $0.02101, with a market capitalization of about $17.7 million.
Its rise comes as trading activity on Robinhood Chain continues to hinge on memecoins, raising the possibility that traders are rotating between newer tokens rather than entering or leaving the network.
HMM Follows CASHCAT’s Breakout
CASHCAT provides an earlier example of how quickly speculative activity developed on Robinhood Chain. A trader who spent about $85 on the token before the network’s public launch later held a position worth more than $2.3 million as CASHCAT’s market capitalization soared above $138 million.
The token later reached an all-time market capitalization above $142 million before pulling back. During the rise, the trader sold about 4 million CASHCAT tokens for roughly $585,000 in profits and retained about 12.3 million tokens.
At the time of writing, the token had declined by 10.6% over the past 24 hours, trading at $0.143. According to CoinGecko data, CASHCAT recorded a market cap of $140.886, with a trading volume of $15.168.
That earlier surge solidified CASHCAT as the network’s leading memecoin. HMM’s later surge added another layer to the market, as traders now have a newer meme asset gaining momentum while CASHCAT remains part of the chain’s broader speculative activity.
Memecoins Take Most of the Trading Volume
The shift toward HMM is occurring within a much larger memecoin market on Robinhood Chain. CoinGecko reported that memecoins accounted for 79.2% of the network’s decentralized exchange volume on July 27. By comparison, real-world assets accounted for 9.69%, while other trading, including ETH, WETH and stablecoin pairs, represented 11.1%.
The data confirm that memecoin activity has become the largest source of DEX trading on the network. Robinhood Chain’s total value locked also reached about $135 million, up from $17 million on July 3, while DEX trading volume reached $3.1 billion over the seven-day period cited in the data.
RWA Activity Is Growing Alongside Memecoins
However, the rise of memecoins has not halted the expansion of Robinhood Chain’s tokenized-asset activity. RWA’s share of daily volume increased from 0.39% during the network’s first week to 8.58% between July 21 and July 27.
The two fields have also started to merge. Memecoins have been paired directly with tokenized stocks, with trading involving assets linked to Nvidia, GameStop, Apple and Microsoft. Memecoin-stock pairs generated $46.1 million in volume on July 23, making the crossover a growing part of activity on the chain.
Related: CASHCAT Explodes 1,600% as Robinhood Chain Memecoin Frenzy Intensifies
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