Home / Business and Economy / CASHCAT Crypto Soars: Robinhood Chain Token Hits New High
CASHCAT Crypto Soars: Robinhood Chain Token Hits New High
3 Sep
Summary
- CASHCAT token reached an all-time high, trading over 27% up.
- Analyst raised Robinhood's price target over 40% due to prediction markets.
- Robinhood Chain's DEX volume exceeded $1.4 billion in 24 hours.
On Wednesday, CASHCAT, Robinhood Chain's most actively traded token, reached an unprecedented all-time high, marking a daily increase of over 27%. This surge occurred as activity on Robinhood's Ethereum layer-2 network, launched in July, demonstrated robust growth. Robinhood Chain reported a total value locked (TVL) of $757.06 million, a 4.68% increase over 24 hours, making it the second-best performing chain in that period.
Simultaneously, Robinhood Markets Inc. (HOOD) saw its shares experience minor pre-market declines despite a significant boost in analyst ratings. Piper Sandler elevated its price target for HOOD by over 40% to $145, maintaining an 'Overweight' rating. Analyst Patrick Moley highlighted the potential of prediction markets, driven by upcoming NFL and NCAA football seasons, as a primary growth driver rather than the core brokerage business.
Further bolstering confidence, Scotiabank initiated coverage on HOOD with an 'Outperform' rating and a $136 price target. The network's decentralized exchange (DEX) volume reached $1.42 billion in the past 24 hours. Piper Sandler's base case forecasts substantial revenue from event contracts between September and December 2026, projecting over $320 million.
