This growth is another indication that the speculative nature of meme coin trading is once again causing traders and trading volume to migrate to the token that has the greatest momentum. In terms of importance to the wider market, tokens such as CASHCAT are more valuable for the effects they produce rather than for their size in the market. Meme trading is known to increase network activity and fees, as seen from the report by Cryptopolitan, which noted significant increases in Solana’s active addresses and BNB Chain trading volume recently.

CASHCAT sees 718% jump in 24 hours

CASHCAT has also been able to increase network activity and trading volume on Robinhood Chain, the on-chain finance and real-world-assets network that Robinhood launched on July 1. The token, CASHCAT, also has a historical significance as it served initially as a mascot for Robinhood in the early stages of being a US stock trading app, which means this news provides the token with an origin story that traders can feel connected with. The increase in value happened quickly.

Earlier that same day, and according to KuCoin’s reporting on GMGN statistics, it became clear that the total market capitalization of CASHCAT had crossed the mark of $45 million, increasing by over 370% within the last 24 hours. Only a few hours later, this total reached $68 million with a percentage increase of over 718% according to BlockBeats observations. Additionally, based on CoinMarketCap DEX’s data, the price of the token stabilized near $0.08365 with a price increase of 962.81% since the tracking first started, with a liquidity volume of about $2.6 million.

CoinMarketCap provides information that this token is not verified, while its social media channels are marked as third-party. The gains have produced the kind of trader windfall that fuels these cycles. Blockchain tracker Lookonchain flagged a wallet ending in 0xDE4C that turned $838 into over $1 million. The trader bought 15.04 million CASHCAT tokens about 20 days ago. They sold 13.5 million for a profit of about $917,600. The remaining 1.5 million tokens are worth about $133,700 at current prices. Lookonchain calculated the return at roughly 1,253 times the original investment.

The same factors contributing to the loud nature of these transactions are at the same time responsible for their fragility, and there have already been enough examples available in the market. According to the research mentioned in Cryptopolitan’s article, over 82% of different meme tokens that showed returns higher than 100% on Ethereum, BNB Chain, Solana, and Base were artificially inflated due to wash trading or liquidity-pool manipulation, while the average holding time of a meme token is around 100 seconds.

BlockBeats also published information concerning CASHCAT’s flash, stating that meme coins usually do not have any genuine value and their prices change quickly. The crucial factor for the readers while determining the significance of the information provided is not necessarily the current price of the token in the market, but rather whether or not there will be any developments regarding Robinhood Chain after the flash trading phase of CASHCAT comes to an end.

The post CASHCAT jumps 718% as memecoin frenzy returns to the crypto market first appeared on Coinfea.