Robinhood Chain Transactions Plunge 40% as Memecoin Frenzy Fades
HOOD sits 72% above its 52-week low of $63.515.
Summary
Robinhood Chain's transaction volume has fallen more than 40% as memecoin trading cools, with daily fees collapsing 97% from a peak of about $8 million in early September to roughly $230,000 by September 16. Daily transaction counts slid from 13.1 million to 8.9 million over the same period, a 32% day-over-day decline. The seven-day average shows a gentler 6% dip, and DEX volume halved from its mid-September peak of around $1.88 billion, though total value locked held steady near $1 billion. This follows a July 28 report of declining volume and active users, but today's figures are far more severe and specific. The slowdown is driven by fading memecoin activity on platforms like Pons, where weekly volume fell 37%. Despite the pullback, user retention appears stable with no mass migration to rival networks, and activity is diversifying into new token pools and cross-chain swaps via NEAR Intents. The chain's fee collapse is a sharp reversal from the $6 million single-day record set on September 4, and it raises questions about the sustainability of Robinhood's crypto revenue stream.
At the time of this announcement, HOOD was trading at $109.13 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $98B. The 52-week trading range was $63.52 to $153.56. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Crypto Briefing.