Woofun AI reports that the market capitalization of CASHCAT, a meme token associated with Robinhood, has surpassed $70 million, driven by a 24-hour price increase of over 718%. The token derives its name from Robinhood's original mascot, which was later replaced by the Robinhood brand. This surge occurs shortly after Robinhood launched its proprietary Layer 2 blockchain, Robinhood Chain, on July 1, which focuses on on-chain finance and real-world assets. Users are advised that meme coins typically lack fundamental utility and exhibit extreme price volatility, necessitating cautious trading practices.