Robinhood Listing Triggers a 100% Rally for This Meme Coin
Robinhood listed a cat meme coin on Thursday that is named after the company's own rejected name. The token more than doubled within hours, then handed back most of the gain.
Cash Cat (CASHCAT) ran from $0.0853 to $0.2143 in the 15 hours around the listing. That is a 151% move, according to onchain trade data. The token now sits near $0.1185.
A Rally Built on a Name Robinhood Threw Away
CASHCAT is a joke about Robinhood itself. The project's site says the broker was almost called Cash Cat. It points to a 2021 post by Chief Executive Vlad Tenev.
The token has no link to the company. Its own website is blunt about that.
"No. We just think Cash Cat is a really good name they shouldn't have abandoned. This is fan fiction with a ticker," reads an excerpt in CASHCAT website FAQ.
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That did not stop the listing. Robinhood made the asset tradable in its app and on Legend, its desktop platform for active traders.
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