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Memecoins have a new star, and it’s Cash Cat [$CASHCAT]!
The internet’s new favorite just hit an all-time high, and it’s also benefiting from the attention around Robinhood Chain [HOOD].
Is a Robinhood-led narrative on the cards?
$CASHCAT rallies 120% to a new high
$CASHCAT has had its best run ever over the past week, with a 120% surge. With Cash Cat being Robinhood Chain’s first ever memecoin listing, the token is perhaps benefiting from all the attention that the latter’s been getting.
Robinhood users now hold about 8.7% of the token’s total supply. $CASHCAT has generated roughly $206 million in trading volume.
However, at the time of writing, the rally was resting. $CASHCAT traded near $0.20 after moving above $0.22 earlier; its RSI had also fallen to 46. MACD was also slowing down in the latest reading, so pace is gentler after the big move up.
Still, attention around $CASHCAT is beyond the token itself. Newer entrants like Pons [PONS] and Ceiling Cat [CEILINGCAT] are popularly awaited possible follow-on plays.
This is especially as buzz around the Robinhood ecosystem grows.
HOOD breaks above $104
On that note, HOOD has gone up from its early-August lows with a 20.6% surge into the $104.5 area. At the time of writing, the stock traded above $110. It’s obvious that the buyers have been active long after the initial breakout.
Derivatives data is also on a similar vein. Aggregated Open Interest was at 13.05 million, while the Average Funding Rate was close to zero. There’s tons of steady participation without traders becoming heavily positioned on either side.
For now, $CASHCAT’s rally is still its own story. But with HOOD also making waves and Robinhood ecosystem activity increasing, the connection is becoming hard to ignore.
Final Summary
- Cash Cat crypto surged 120% in a week, hitting an ATH this week.
- This is adding to the Robinhood ecosystem narrative; HOOD has also risen this month.