A memecoin called CASHCAT saw a major price surge after a crypto whale bought 6.12M tokens with 519 ETH ($925K), extending the Robinhood Chain memecoin's rally beyond 4,000%.
CASHCAT, a community-driven memecoin built on the Robinhood chain, is in the spotlight after a crypto whale spent 519 ETH, worth around $925,000, to buy 6.12 million tokens.
The purchase comes as the meme coin has surged more than 4,000% in just one week.
“Whales,” in the crypto market, are wallet holders that own a significant amount of crypto. These wallets are highly capable of creating sharp price changes with their transactions.
On-chain data from Lookonchain shows that a single wallet purchased 6.12 million CASHCAT roughly five hours ago by spending 519 ETH, valued at approximately $925,000.
The transaction was completed through multiple swaps on Uniswap V3. Rather than making one large trade, the buyer split the purchase into several transactions of around 100 ETH each before completing the full accumulation.
Breaking the order into smaller swaps is often done to reduce price impact and slippage when buying large amounts of a token.
The purchase immediately caught the attention of traders because it arrived after CASHCAT had already posted one of the strongest rallies in the meme coin market.
Some market participants viewed the move as a sign of confidence, while others questioned whether the wallet belonged to an insider or simply a whale willing to take a high-risk position after the recent rally.
The 519 ETH purchase was not the only whale activity recorded. Blockchain tracker Whale Watch Robinhood also spotted several additional wallets buying around $5K worth of CASHCAT tokens near a $184 million to $186 million market cap.
Although these purchases were much smaller, worth around $5K each, they suggest interest is growing beyond a single investor.
All interest in the Cashcat token emerged after the success story of Brian Jung, who reportedly turned an $838 investment into more than $1 million, representing a return of over 1,183 times.
Had the position been held even longer, the investment would have briefly been worth almost $2.9 million.
While these gains continue attracting new buyers, sharp rallies are often followed by large price swings.
CASHCAT's rally is closely linked to the growing popularity of Robinhood Chain, the Layer-2 blockchain launched by Robinhood on July 1.
The meme coin is considered the first major breakout token on the network. Its name comes from CashCat, the internal project name reportedly used by Robinhood before the blockchain received its final branding.
Interest accelerated after Robinhood CEO Vlad Tenev suggested the network could also become a hub for meme coin trading alongside tokenized real-world assets.
The project has continued gaining exposure since then. Hyperliquid recently listed CASHCAT perpetual futures following community demand, allowing traders to take both long and short positions with up to 3x leverage. The token has also expanded onto Solana through Sunrise, giving it access to another large trading ecosystem.
This growth has significantly increased liquidity and made CASHCAT available to more traders across multiple platforms.
As of publication time, CASHCAT was trading around $0.1867, up roughly 15% over the past 24 hours, while its market capitalization has climbed to nearly $180 million.
The token has now gained more than 4,000% over the past seven days, making it one of the best-performing meme coins during that period.
Whale purchases can strengthen bullish sentiment, but they can also increase short-term speculation as traders rush to enter after significant gains.
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