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$cashcat has already fallen to a $50 million market cap, and Robinhood chain meme track is facing a critical turning point. Even the leading projects can’t hold up, and other memes will very likely collectively go to zero.
More importantly, if Robinhood wants to simply rely on utility coins to support the entire on-chain ecosystem, that’s basically unrealistic. Historical experience shows: in a public chain without an active meme ecosystem, there are almost no ones that can last long-term.