Who could have anticipated this?

Robinhood Chain went live on July 1. Its core positioning is tokenized stocks, real-world assets (RWA), smart agent trading, and compliant financial products. However, the hottest application scenario on this chain is Meme coins.

Behind this is a broad rebound in overall on-chain user activity, driven by an astonishing surge in the social trading sector. Leading social trading platform Fomo supports Apple Pay for deposits, has trading leaderboards, and is compatible with multi-chain ecosystems. It has just completed a $75 million Series B round, with a post-investment valuation of $550 million, and user data across the platform has been setting new historical highs one after another.

The leading coin in this round is $ANSEM. The token was born on the shturl.c platform and is named after Ansem, a well-known crypto Twitter opinion leader (Ansem, account @blknoiz06). The token was not issued by him, but he actively endorsed it and worked to build hype. In just a few days, the token’s market cap surged from zero to $400 million; at the time of writing, its market cap has fallen to around $300 million. Notably, of all Meme coins launched from 2026 to date, not a single one has reached a market cap above $1 billion.

When Robinhood Chain launched, market discussion initially focused entirely on tokenized stocks and other more orthodox financial derivatives. But on Tuesday night, traders discovered that Robinhood CEO Vlad Tenev follows the CASHCAT X account—CASHCAT is one of the top Meme coins on this newly launched Robinhood Chain. The market interpreted this as a strong positive for the Meme coin sector. Large numbers of traders hurriedly bridged assets to Robinhood Chain to chase the token in a frenzy.

CEO’s remarks spark the hype

Then Tenev himself posted on X, openly discussing the Meme coin行情 on his new chain. That tweet directly drove a sharp spike in on-chain activity on Robinhood Chain. The crypto Twitter community erupted; the timeline was flooded with comments like “The bull market is finally back.”

DEX trading volume surges

The trading volume on Robinhood Chain’s decentralized exchange (DEX) directly reflects the market shift. After a low-key launch on July 1, average daily trading volume held steady in the $35 million to $70 million range during the first week. On July 8, catalyzed by the CASHCAT行情, single-day trading volume surged nearly 10x to exceed $560 million. On Thursday afternoon, Fomo announced it had integrated Robinhood Chain, which also indirectly confirms strong retail demand for this chain.

Galaxy’s core viewpoint

There is indeed evidence supporting a rebound in sentiment within the underlying trading community of the crypto sector. First, look at the truly new developments in this market cycle: crypto deposits and trading infrastructure have reached their best level in history. Fomo has opened a one-click deposit channel via Apple Pay, and also displays tokens in the form of a social information feed—nearly wiping out the operational friction from “seeing the token” to “buying and holding.” The platform also offers perpetual contract trading to users outside the United States, further expanding its user coverage.

At the same time, the familiarity of history repeating itself is hard to ignore. The nature of the capital flowing into the Meme coin market has never changed: pure speculation, driven by narratives, chasing only the fastest short-term price gains. Ryan Watkins, co-founder of Syncracy Capital, said the market doesn’t need to be overly optimistic about this kind of speculative celebration. He questioned what is truly worth getting excited about when retail speculators repeatedly participate in zero-sum games; and he said that Robinhood Chain does not need to replicate the Meme coin行情 dominated by Solana in 2024. This criticism is not without merit. Robinhood, with a massive user base, launched a public chain but made Meme coins the core traffic driver—this straightforwardly reflects the market’s most real demand for a new blockchain.

Therefore, whether the行情 can continue is the real core issue worth investigating from this incident. Meme coin行情 is inherently consensus as a short-term, pulse-like行情. $ANSEM ’s highest single-week trading volume when Fomo was at peak heat is nearly twice the platform’s prior best single-week record before 2026. In the crypto industry, traffic is both the easiest to acquire and the hardest to retain.

The key worth sustained observation is not whether these Meme coins can hold their market caps, but whether, after the speculative tide recedes, the underlying infrastructure that carried this speculative traffic can retain the incremental users attracted by Meme coins. So far, Solana is the only exception that has managed to retain this kind of traffic long term.

Speculation has always been the best channel for customer acquisition in crypto. But the industry’s long-standing problem is how to retain on-chain users and guide them into applications with longer-term value. If brand-new trading infrastructure can convert a small portion of the traffic generated by Meme coins into long-term active wallets, or into real users trading real-world assets (RWA), this cycle will be drastically different from the past. If it cannot, then the so-called “rebound in on-chain activity” is essentially still just “a crypto casino completed a hardware upgrade.”

Trading infrastructure continues to iterate and optimize, but users’ speculative behavior patterns never change. Whether this cycle can break the loop is the only key question.