$TENDIES Spikes 450% as Robinhood Chain Draws Meme Coin Traders A Robinhood-themed memecoin, $TENDIES, surged 450% over a 24-hour period on July 16, trading at $0.17 at time of writing, accor
A Robinhood-themed memecoin, $TENDIES, surged 450% over a 24-hour period on July 16, trading at $0.17 at time of writing, according to CoinGecko. The token's market capitalization reached $17.32 million with roughly 4,900 holders.
TENDIES is one of several meme coins that has gained traction on Robinhood Chain following CEO Vlad Tenev's comment that the network "works great for memes too." The token's community organizes around WallStreetBets slang on Reddit and a dedicated Discord server, giving it a ready-made culture to draw on.
The word "tendies" is slang for investment gains, originally used in a joking but literal way to reference the chicken fingers investors joked about buying with their profits, before the word evolved to refer to the profits themselves. The term is closely associated with the stock trading subreddit r/WallStreetBets, which also helped popularize terms such as "stonks" and "diamond hands."
In early July, Robinhood publicly launched its own blockchain, a layer-2 network built on top of Ethereum. Despite Robinhood's pitch of a regulated venue for tokenized real-world assets, those assets account for only about $12.8 million on the chain, while memecoins and stablecoins dominate activity.
Analysts at investment bank Bernstein noted that although the Ethereum layer-2 network offers users a way to trade tokenized versions of firms like Apple and Nvidia, initial activity has been fueled by meme coins. "Early trading volumes on Robinhood Chain were led by meme coins, but [it] shows strong liquidity and traction from crypto-native traders," they wrote.
The analysts noted that the network has quickly become a top-five destination for trading assets on-chain, facilitating $3.1 billion in cumulative trading volume over the past seven days via decentralized exchanges such as Uniswap and PancakeSwap.
As with all meme coin trading, price moves of this magnitude are driven primarily by sentiment and carry significant risk. Positions can reverse as quickly as they form, and traders should exercise caution.
Sources:Fortune: Memecoin traders flock to Robinhood blockchainCoinDesk: Robinhood's blockchain finds early success thanks to memecoinsDecrypt: Robinhood Chain's Early Momentum Is Being Driven By Meme Coins
