Robinhood Chain's $1B DEX Volume Driven by Three Meme Coins

More than $1.06 billion in decentralized exchange volume flowed through Robinhood Chain over 24 hours, marking the network's first billion-dollar day. Three meme coins—PONS, AI, and CASHCAT—were behind much of that activity.

The chain went live on July 1 with the aim of hosting tokenized equities. Two months later, speculative tokens and the platforms used to create them account for the bulk of its traffic.

Robinhood Chain Volume Sets a Record Above $1 Billion

Dune data indicates that daily DEX volume on the chain peaked near $800 million in its first week. Activity then tapered off through August, falling to between $150 million and $200 million.

The rebound began around Aug. 21. Volume has risen almost vertically since then, surpassing the $874.8 million record set on Aug. 30.

Timing is key. PONS, AI, and CASHCAT all broke out of prolonged consolidations within the same 72-hour span, roughly Aug. 21 to Aug. 24. That means the coin breakouts and the volume recovery are part of the same event, not two separate ones.

On Aug. 30, the chain processed 5.52 million transactions. Meanwhile, Pons, GMGN, and Uniswap together captured close to 88% of application revenue, per DefiLlama.

PONS Price Climbs 20% to $0.42 After an 11x Run

Pons (PONS) is trading at $0.443, up 20.4% over the past day, with a market capitalization near $300 million. That places it 133rd by market cap.

The chart tells the story. For three weeks before Aug. 23, PONS moved between $0.030 and $0.045. It then surged roughly 11 times to a peak just under $0.49.

Its launchpad minted approximately 22,600 tokens in a single day. However, PONS is the most mature of the three, and its latest four-hour candle closed 8% below the high.

Artificial Inu Trades Against Tokenized NVDA

Artificial Inu (AI) has a unique structure. CoinGecko Terminal shows the pool near $0.185 after starting August below one cent. The token has more than $3.3 million in liquidity against NVDA, roughly three times the depth of its WETH pool.

Traders elsewhere have experimented with similar pairings, including a meme coin quoted against tokenized GameStop. Several unrelated tokens also use the AI ticker, so pool addresses matter.

CASHCAT Price Stalls Near $0.21 as Traders Rotate

Cash Cat (CASHCAT) is trading at $0.215, up 3.1% in 24 hours, with a $212 million market cap. It led the chain's July launch week.

Unlike PONS, the token has stalled. It rose about sixfold in August to $0.253 on Aug. 27, then traded between $0.175 and $0.245 on declining volume.

Its four-hour volume of roughly 147,000 is well below PONS at 440,000. Capital appears to be moving past the incumbent rather than accumulating. Wider RWA and meme coin flows show a similar trend.

September now tests whether the volume holds once speculation cools. Application revenue goes to the protocols, not to Robinhood Chain. The company's second-quarter crypto transaction revenue fell 38% to $100 million, even as tokenization expands.