CashCat wallet’s $85 stake grows past $2 million on Robinhood Chain

A crypto wallet that spent about $85 on CashCat in June is now tied to more than $2 million in value after the meme coin surged on Robinhood Chain. For retail investors, the headline is less about a lottery-style win and more about how fast tiny, thinly traded tokens can create large paper gains and large risks.

According to Decrypt, the Ethereum wallet beginning with 0xeEE2 bought 0.05 ETH worth of CashCat on June 18. At the time, that purchase amounted to roughly 17.4 million CashCat tokens. The buy came weeks before Robinhood formally announced the public launch of Robinhood Chain’s mainnet, Decrypt reported.

Robinhood Chain is an Ethereum layer-2 network, meaning it is built to process transactions while using Ethereum as its underlying settlement layer. Layer-2 networks are commonly used to make transactions cheaper or faster than using Ethereum directly.

CashCat’s move pushed the token’s market capitalization above $138 million at the time Decrypt published its report. Market capitalization, or market cap, is the token price multiplied by the number of tokens in circulation. Decrypt said CashCat was trading around $0.138 then, putting the wallet’s remaining and already sold tokens at more than $2.3 million in combined value on paper.

The token had already pulled back from a higher mark. Decrypt reported that CashCat previously reached a market cap above $142 million, a level that would have valued the wallet’s full position near $2.5 million. Blockchain analytics firm Bubblemaps posted on X that the wallet bought CashCat within 30 minutes of launch and was up about 27,000 times its original stake.

The gains are not all unrealized. DEXScreener data cited by Decrypt showed the wallet sold about 4 million CashCat tokens, locking in approximately $585,000 in profit. The wallet still held 12.3 million CashCat tokens worth around $1.6 million, according to the same data.

That distinction matters. A paper gain is the value of an asset at the latest market price. A realized gain is money actually taken out through sales. With meme coins, a large quoted balance can change quickly if the price falls or if there is not enough buying demand to absorb sales.

CashCat’s surge came as another meme coin, The Black Bull, ticker ANSEM, cooled from its recent peak. Decrypt reported that ANSEM, a Solana token named after crypto trader Ansem, had climbed more than 190,000% over 13 days before dropping more than 37% from an all-time high near $0.44. At the time of the report, ANSEM traded around $0.26 with a market cap of about $260 million.

Robinhood CEO Vlad Tenev also helped draw attention to activity on the chain. In a post on X, Tenev wrote that Robinhood Chain was being built for real-world assets, often abbreviated RWA, but that it also “works great for memes.” Real-world assets in crypto refer to blockchain-based versions of assets such as stocks, funds, bonds or other traditional financial instruments.

The CashCat trade shows the upside meme coin traders chase, while the partial selling shows why headline gains can be different from cash in hand. Decrypt attributed the wallet’s remaining balance and realized profit to on-chain transaction data, which lets anyone inspect wallet activity directly on the blockchain.

This story draws on original reporting from Decrypt.