Tokenization · Ethereum · Apple · Decrypt
Robinhood Chain's Early Momentum Is Being Driven By Meme Coins, Not Tokenized Stocks
Compiled by KHAO Editorial — aggregated from 2 sources + 1 reference discovered via search. See llms.txt for citation guidance.
◎ Multiple-sources
Robinhood spent over a year building a blockchain around the idea that users want to trade tokens tied to the world’s most valuable companies.
Key facts
- Meanwhile, around 65,000 users have gained exposure to $13 million in so-called stock tokens, which are available in over 120 countries but not in the U.S., the analysts added
- On Monday, shares of Robinhood changed hands around $111, according to Yahoo Finance
- On Monday, around 25,000 wallets held Cash Cat, according to Blockscout
- The analysts noted that the network has quickly become a top-five destination for trading assets on-chain, facilitating $3.1 billion in cumulative trading volume over the past seven days via
Summary
Appetite for meme coins has fueled initial activity on Robinhood chain, helping generate $3.1 billion in DEX volumes over a seven-day period. Although users on the network own around $13 million in so-called stock tokens, the leading meme coin on Robinhood Chain is worth $150 million. The retail brokerage’s shares have climbed 19% over the past month, almost erasing year-to-date losses amid a tepid crypto market. Although the Ethereum layer-2 scaling network offers users a way to trade tokenized versions of firms like Apple and Nvidia, initial activity on Robinhood Chain has been fueled by interest in meme coins, analysts at investment bank Bernstein shared in a Monday note.