After the first round of meme broad rallies on Robinhood Chain ended, the first real stress test began.

I participated in this a few days ago, and I’ve been following this batch of coins. When I’m writing this, $CASHCAT has fallen from a market cap high of about $200 million back to around $120 million, down about 31% in 24 hours; $VEX is down about 21%, and $4,663 is down about 83%. But not all coins collapsed together—$MARIAN has still been rising over the past 24 hours; it’s just that in the past hour it also started to drop sharply.
This suggests that liquidity didn’t simply disappear—it rotated from the broad rally phase into higher-volatility differentiation. For a chain that’s just getting started, what matters now is: after the leaders drop hard, is there still enough capital and traders on-chain; will capital keep rotating among different projects, or will it pull out directly; and whether the on-ramps brought by official wallets can gradually turn into long-term usage.
So this isn’t a signal to buy the dip, and it’s not that the chain is already dead. The first phase relied on attention; the second phase depends on the capital and users that remain. Only the things that can keep growing after the pullback will determine whether Robinhood Chain is just a one-wave flow of traffic.