The Robinhood Meme Mania
Unstoppable or flash in the pan?
On today’s menu:
🏹 Robinhood’s memecoins are the new gold rush
💸 Polymarket launches Combo Trading
Robinhood Launches Chain
Last week, Robinhood launched its very own L2: the Robinhood chain.
It was meant to augment their stock trading offerings through RWA (Real World Assets), where users could trade tokenized shares of Micron, Nvidia and other stocks.
Unfortunately, Robinhood users do what they do best, and they started trading memecoins on the new chain.
Honestly, what did we expect? Robinhood is the epitome of degen culture; for the past decade, we see people showing off their account screenshots and making the rest of us feel bad.
Whether they realized those gains or not, Robinhood is a pool of gamblers who made it big and don’t understand when to quite.
So not only does Robinhood have a captive user base, it also has a very wealthy, highly risk-tolerant list of ordinary retail traders who mostly don’t have insider knowledge.
And that’s why we’re seeing memecoins run up on Robinhood chain.
The token leading the charge? Cash Cat.
Just like any other flagship memecoin, this has some lore. Apparently, Robinhood’s founder said that he was considering naming the company Cash Cat before he settled on Robinhood.
Just like that, retail started piling in. And people made big money.
With a lot of patience, a trader named 0xeee2 turned $86 into $1.6M — a 19,061x return.
You might be thinking of joining the race to enter Valhalla, but exercise caution and due diligence — the bull run has somewhat slowed, and the biggest runners are usually not the ones you would think.
We’ll continue to monitor the Robinhood situation, but for now it doesn’t seem like a new memecoin season; the gains are all to be made in AI stocks.
Polymarket Combos
Polymarket just launched combos trading, which acts the same way as parlay.
Now, users can combine multi-leg predictions for a higher payout.
Now, this isn’t innovative — sports gambling apps have been using this for years.
What’s interesting is that prediction markets like Kalshi and Polymarket have been building internal market makers to trade against users.
This draws many similarities to traditional sportsbooks, and now attracts the attention of the CFTC.
Alongside the influencer marketing scandal that we covered, is this really what we think is the app that will onboard the mainstream public to Web3?
I don’t think so; it seems we’re just gathering more gamblers.
I don’t imagine the internet or the iPhone did this to get more users, or made people feel this way. Fingers crossed for a savior on the horizon (please be consumer-based).
In other news
Claude Cowork is Coming to Mobile and Web (Claude)
Openai Introduces GPT-Live (OpenAI)
Circle Receives Final OCC Approval to Establish National Trust Bank (Circle)
Backpack Launches First 24/7 Market for Real U.S. Equities (Backpack)
Degens Only
thank you!