- CASHCAT soared over 1,600% in 24 hours, growing its market cap to $117 million.
- Whale purchases and Anthem pockets hypothesis have elevated the demand for CASHCAT meme cash.
- Robinhood has not endorsed CASHCAT regardless of the elevated consideration from the rally round Layer 2 chains.
CASHCAT, a meme coin based mostly on the Robinhood chain, continued its explosive rise on July eighth. The token soared greater than 1,650% in 24 hours, buying and selling at round $0.112. This surge elevated CASHCAT’s market capitalization to $117 million, making it one of many best-performing cryptocurrencies of the day.
Notably, public curiosity in Robinhood’s new Layer 2 blockchain helps gas the rally. The token’s identify references Robinhood’s authentic inside codename from its early days, “Money Cat,” which provides to its attraction. Nevertheless, regardless of the value hike, Robinhood just isn’t endorsing meme cash.
Whale buy fuels Anthem hypothesis
Blockchain analytics platform Lookonchain highlighted a pockets labeled “Ansem-2” that spent roughly $233,000 and bought 2.79 million CASHCATs inside three hours. The acquisition sparked hypothesis that crypto influencer Anthem was answerable for the pockets.
In response to Lookonchain, this pockets is linked to a Solana tackle that holds 10.5 million ANSEM tokens, value about $2.7 million. The pockets additionally has roughly $2.6 million in good points from its ANSEM holdings.
Nevertheless, there isn’t any affirmation that the pockets is Anthem’s.
Robinhood CEO’s X actions entice consideration
CASHCAT gained additional momentum after merchants seen that Robinhood CEO Vlad Tenev was following CASHCAT-related accounts on X.
Tenev has not commented on the token or indicated any relationship with the mission. Nonetheless, many merchants took this transfer as a bullish sign, prompting additional speculative shopping for.
CASHCAT is an impartial, community-driven token constructed on the Robinhood Chain. The Layer 2 community was launched earlier this month utilizing Arbitrum expertise to ship quicker, lower-cost decentralized purposes.
Early holders safe tens of millions of {dollars} in earnings
This rise resulted in big earnings for early buyers. Lookonchain beforehand recognized a pockets that turned an $838 funding into greater than $1 million. This pockets bought 15.04 million CASHCAT about 20 days in the past.
The dealer then offered 13.5 million tokens for an estimated revenue of $917,600. He nonetheless has about 1.5 million CASHCAT, value greater than $130,000 at immediately’s costs.
These good points have sparked widespread dialogue throughout crypto social media, with many merchants calling CASHCAT one of many best-performing meme cash on the Robinhood chain.
Associated: CEO Tenev says Robinhood Chain can assist RWA and meme cash
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