Robinhood Chain sees nasty retrace with only 5 tokens above $10M market cap

Robinhood Chain launched a month ago with a pitch that sounded almost too clean for crypto: tokenized versions of real stocks, running on a proper Layer-2 network, backed by one of the most recognizable names in retail trading. What actually happened was a memecoin casino opened its doors, a handful of tokens briefly mooned, and now the hangover has arrived. Only five tokens on Robinhood Chain currently maintain a market capitalization above $10 million. For a chain that once saw its leading memecoin flirt with a $400 million valuation, that’s a steep and rapid cooldown. From stock tokens to CASHCAT and back Robinhood Chain went live on July 1, 2026, as an Ethereum Layer-2 built on Arbitrum Orbit technology. The stated purpose was facilitating Stock Tokens, ERC-20 assets issued by Robinhood Assets that provide economic exposure to equities like Nvidia, Apple, and Google. The actual purpose, at least in practice, turned out to be memecoin speculation. Within weeks of launch, memecoins dominated trading activity, user engagement, and address growth on the chain. The flagship degen play was CASHCAT, which surged to a market cap somewhere between $100 million and $400 million depending...