Is Thinking Cat the Next Robinhood Chain Memecoin to Watch?

A memecoin called Thinking Cat is turning heads on Robinhood Chain. The token, which trades under the ticker $HMM, has surged roughly 150% over the past 24 hours and approximately 2,200% over the past seven days. It reached an all-time high of $0.01826 and now trades near that level, with a market capitalisation of about $17.7 million, according to CoinGecko. The project describes itself as a memecoin for overthinkers.

A Chain Built for Stocks, Captured by Cats

The backdrop matters here. Robinhood launched the public mainnet for its Layer 2 blockchain, Robinhood Chain, bringing tokenized stock trading live in more than 120 countries and introducing Robinhood Earn, a decentralized lending product offering an estimated 7% yield on USDG. Yet within weeks, memecoins rather than stock tokens were driving the bulk of on-chain activity.

Robinhood Chain, an Ethereum layer-2 launched July 1 to host tokenized stocks, quickly became one of crypto's busiest new networks, with about $312 million in total value locked and 3.6 million daily transactions. Despite Robinhood's pitch of a regulated venue for tokenized real-world assets, those assets account for only about $12.8 million on the chain, while memecoins and stablecoins dominate activity and market value.

The first breakout cat token was $CASHCAT. Cashcat is the OG from the first launchpad, while HMM is the main cat coin from PONS, which is the current dominant launchpad. Some traders are now drawing comparisons to earlier memecoin cycles on other chains, with HMM cast as a potential follow-up runner in the same vein as Dogwifhat did on Solana after BONK.

High Momentum, Higher Risk

The price action on HMM is striking, but the risks are equally so. Memecoins carry no underlying utility or revenue and can retrace as sharply as they rise. The chain's future hinges on whether speculative memecoin traders convert into users of its tokenized equity and real-world asset offerings. Until that happens, tokens like HMM remain entirely dependent on sentiment and momentum.

Memecoins are highly speculative and extremely volatile. This content is for informational purposes only and is not financial advice. Always do your own research before investing.

Sources:
CoinGecko: Top Robinhood Chain Meme Coins by Market Cap
CoinDesk: Robinhood's Blockchain Finds Early Success Thanks to Memecoins
Crypto.news: Robinhood Built an RWA Chain. Memecoins Took It.