Key Takeaways:
- CASHCAT rose 6% to $0.166, extending a weekly gain of more than 2,300%
- A whale spent $925,000 on 6.12 million CASHCAT tokens, per Lookonchain
- Binance Wallet Perps listed CASHCAT perpetuals with up to 10x leverage
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CASHCAT surges 2,300% in a week as whale buying fuels Robinhood Chain frenzy
A meme token with no official ties to Robinhood has become the breakout asset on its newly launched Layer 2 network, surging more than 2,300% in seven days.
CASHCAT, a meme token on Robinhood Chain, rose 6% to $0.166 in the past 24 hours, extending a weekly gain of more than 2,300% as whale accumulation and expanded derivatives access drew fresh speculative demand, CoinGecko data shows.
"A wallet spent 519 ETH, worth about $925,000, to acquire 6.12 million CASHCAT roughly six hours before the token's latest leg higher," blockchain analytics platform Lookonchain said in a post on X.
The token's perpetual contracts went live on Binance Wallet Perps, allowing traders to open positions with up to 10x leverage. Robinhood Chain, the Layer 2 network launched July 1, recorded a record $846.8 million in DEX volume on July 10, with 306,893 active addresses, according to Dune Analytics data. CASHCAT accounted for $40.05 million of that volume across 43,403 trades.
The token now faces resistance near $0.181, the 0.382 Fibonacci level, with further upside targets at $0.199 and $0.216. Support sits at $0.159; a break below that level could expose $0.130, where buyers previously stepped in after a 60% liquidation-driven collapse on Hyperliquid.
Whale Activity Drives On-Chain Demand
Beyond the $925,000 whale purchase, a wallet linked to crypto trader Ansem moved about $233,000 into the token, drawing retail attention as traders searched for early opportunities on Robinhood Chain. GeckoTerminal data showed $34.89 million in 24-hour trading volume, with net buying of $1.36 million across 12,257 buys against 8,061 sells.
The token has no official connection to Robinhood. Its name borrows from CashCat, the working title Robinhood used before rebranding. Robinhood CEO Vlad Tenev previously indicated the chain suited meme trading, according to public statements.
Derivatives Access Adds Leverage
The Binance Wallet Perps listing does not place CASHCAT on Binance's spot exchange, but it expands access to leveraged trading, increasing liquidity and speculative activity. Hyperliquid had already listed CASHCAT perpetual futures by community request, offering up to 3x leverage. The token also expanded to Solana through the Sunrise bridge.
Unlike established cryptocurrencies, CASHCAT has little fundamental value supporting its price. Its performance depends on trading activity, social media attention, and liquidity conditions, making large wallet transactions capable of moving the market within minutes. Whether the token can extend its rally depends on sustained buying volume and whether large holders continue adding to their positions instead of taking profits.
This article is for informational purposes only and does not constitute investment advice.
