Cash Cat Reclaims Robinhood Chain Crown After Q2 Earnings Call

Cash Cat (CASHCAT) rose about 16% in 24 hours and reclaimed its spot as the top token by market capitalization on Robinhood Chain, after the company’s second-quarter earnings call.

The move pushed the token back past Pons (PONS), which had taken the spot while CASHCAT drifted lower through July. Its trading volume still dwarfs every other asset on the network.

What Happened on the Robinhood Earnings Call

Robinhood reported record second-quarter revenue of $1.3 billion on July 29, up 32% from a year earlier. Earnings per share reached $0.62. Moreover, cryptocurrency transaction revenue reached $100 million.

Tenev spent part of the call demonstrating the Robinhood apps and the stock tokens on his phone. Traders spotted CASHCAT sitting in his recent search list. The token climbed shortly afterward. He also addressed the Robinhood chain during the call.

“I mean, I think that we built Robinhood chain to be purpose-built for real-world assets. I should clarify, I like memes as well,” Tenev said during the call.

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CASHCAT Retakes the Lead After a 47% Slide

CASHCAT borrows its name from the working title Robinhood used before its rebrand. Its initial rally arrived after the chain went live on July 1. The token pushed past a $200 million market cap before stalling.

The token fell roughly 47.2% over the past two weeks. PONS overtook it as the chain’s largest token by market cap. That position has now reversed. At press time, CASHCAT traded near $0.0469, up about 16% on the day.

CASHCAT also remains the most traded asset on the network. It has logged 1.57 million trades from 51,638 unique traders since launch. Cumulative volume stands at $890.5 million, according to Dune data.

Its $28.2 million in 24-hour volume is more than four times that of second-placed PONS, which traded $6.3 million.

CASHCAT sits about 79% below its record high of $0.228, set on July 11. The near-term test is whether demand holds once the earnings attention fades.

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The post Cash Cat Reclaims Robinhood Chain Crown After Q2 Earnings Call appeared first on BeInCrypto.