Meme Coin Trader Turns $85 into Over $2 Million on Robinhood Chain

In brief

A meme coin trader bought $85 worth of CashCat on Robinhood Chain in June. It's now worth more than $2 million.

The trader has netted profits of around $585,000 and still maintains $1.6 million worth of CashCat.

CashCat has surged to a market cap above $130 million, jumping more than 1,230% in the last 24 hours.

A patient meme coin investor turned less than $100 into a small fortune on a new meme coin on Robinhood Chain, the new Ethereum layer-2 network from the brokerage and crypto exchange Robinhood.

A user with the Ethereum address beginning in “0xeEE2,” bought 0.05 ETH or around $85 worth of CashCat on June 18, a few weeks before the company formally announced the public launch of its network mainnet. At the time, the purchase was good enough for around 17.4 million CashCat tokens.

Just over three weeks later, the dollar amount on paper has ballooned to more than $2.3 million as the token exploded to a more than $138 million market cap at the time of writing, valuing each CashCat token at around $0.138.

That mark is down from the token’s all-time high above a market cap of $142 million, at which point the trader’s full balance would have approached $2.5 million in CashCat tokens—representing nearly a 3 million percent gain from their starting stack.

On the token’s rise, the trader behind the “0xeEE2” wallet has been systematically parting ways with their stack, dumping around 4 million CashCat tokens to realize profits of $585,000, according to on-chain analytics platform DEXScreener. As it stands, the trader still maintains a balance of 12.3 million CashCat tokens, worth around $1.6 million.

The newly surging meme coin’s momentum has coincided with a steeper pullback in the other notable token of the hour—”The Black Bull,” which trades as ANSEM—the Solana token named after the notable crypto personality and trader, Ansem.

The token, which has skyrocketed more than 190,000% in the last 13 days, has now fallen more than 37% from its all-time high around $0.44 and a market cap above $400 million. It’s now changing hands at $0.26, a $260 million market cap, as meme coin traders rush to the new hot ball of liquidity on Robinhood Chain.

Trading activity on Robinhood Chain has been spurred on by Robinhood CEO Vlad Tenev himself, who posted on X late yesterday: “While we’re building robinhood chain to be the best chain for [real-world assets]... it works great for memes too.”

As it stands, at least two other meme coins on the nascent chain find themselves in the top 20 tokens by trading volume over the last 24 hours, according to data from DexScreener.