A $443 million memecoin frenzy dissolves into nothing—Robinhood and Circle are latest to taste the memecoin boom-and-bust cycle
Source: Fortune ·
The Robinhood Chain saw a brief surge in memecoin trading before volumes dropped 96%.
From the source
Memecoin trading is roaring back—but on a new blockchain with a different twist. In September, Robinhood Chain, launched by the fintech giant this summer, saw a surge in trading activity that involved not only tokens inspired by cats and other internet memes, but also stock tokens: digital assets designed to track individual companies’ share prices and backed by the underlying stock. The burst of trading, however, was short-lived. Daily trading volume in memecoin-stock-token pairs jumped from virtually zero in July, when Robinhood Chain launched, to $443 million in early September, according to CryptoQuant. Since then, though, trading activity has fallen 96%. The frenzy also brought a wave of token creation: About 26,000 new tokens were launched on the chain each day in September, according to Dune data, with the daily total reaching nearly 45,000 on Sept. 8. Most of these tokens achieved little or no volume after launch, and are today worth almost nothing at all, which is the fate…