Trader Turns $85 Into $2 Million on Robinhood Chain Meme Coin

A meme coin trader has turned an $85 investment into a multi-million dollar windfall on Robinhood's new blockchain network. The trader purchased CashCat tokens in June for about 0.05 ETH. That stake is now valued at over $2.3 million as the token's market capitalization surged past $130 million.

The investor has already cashed out about $585,000 in profits while still holding tokens worth roughly $1.6 million. The explosive growth comes as activity on the nascent Robinhood Chain increases, fueled in part by commentary from Robinhood CEO Vlad Tenev.

The platform is also seeing wild trading in other meme coins, including a token associated with crypto personality Ansem. That token, after soaring nearly 200,000% in two weeks, has since pulled back over 37% from its peak.