Robinhood warns users it doesn’t endorse tokens, and $WALLET crashes 90%

Robinhood didn’t create $WALLET. Robinhood didn’t endorse $WALLET. Robinhood would very much like you to know that. The problem is that by the time the company’s warning landed, a lot of people had already bought in. The $WALLET token, a meme coin launched on Robinhood Chain, cratered from an $84 million market cap to roughly $9 million after Robinhood Wallet issued a public disclaimer stating it does not endorse third-party tokens. That’s a 90% collapse measured from peak to post-warning trough. What exactly is $WALLET, and why did anyone think Robinhood was involved? Robinhood Chain launched on July 1, 2026, as a permissionless blockchain originally conceived for tokenized real-world assets. $WALLET, a meme token with a total supply of 1 billion, was created through the Noxa factory on Robinhood Chain shortly after launch. What fueled its rise wasn’t utility. It was speculation about who deployed it. Traders circulated theories that the deployer’s wallet address had connections to Robinhood’s earlier infrastructure or potentially to CEO Vlad Tenev’s wallets. The token peaked somewhere between $50 million and $76 million in market cap during mid-September 2026 before the situation...