Trading volume in memecoin-stock token pairs on Robinhood Chain climbed to $443 million per day in early September, according to CryptoQuant. Activity has since dropped 96%, with figures from September 2 showing $217 million for memecoin pairs versus $127 million for direct stock token trading. The CASHCAT token reached a market capitalization of $250 million on August 27. This decline coincided with reports of coordinated rug-pull activity on the chain. Robinhood Chain, a layer-2 built on the Arbitrum Orbit stack with TVL near $1 billion, was designed for tokenized real-world assets issued as debt securities and not available to US persons.
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