Robinhood Chain DEX Volume Hits Record $1.33B as Meme Coins Surge
HOOD sits 66% above its 52-week low of $63.515 on light trading volume (0.4× avg).
Summary
Robinhood's proprietary Layer-2 blockchain, Robinhood Chain, set a new 24-hour DEX volume record of $1.33 billion on September 1, up from $874.8 million on August 30. Meme coin trading, led by $PONS with a 370% weekly gain, drove the surge, while tokenized real-world assets reached $51.81 million in holdings. The network's application revenue hit $2.66 million in 24 hours, briefly surpassing Ethereum. This follows the chain's July launch and a prior $3.1 billion cumulative DEX volume report, indicating accelerating adoption and speculative retail interest. The growth in blockchain activity could translate to higher transaction-based revenue for Robinhood, though the sustainability of meme coin-driven volume remains uncertain.
At the time of this announcement, HOOD was trading at $105.50 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $94.9B. The 52-week trading range was $63.52 to $153.86. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: CryptoProwl.