Key Insights: Meme coins and stock pairs make Robinhood news as they bring in record high daily trading volumes on Robinhood chain. Robinhood chain surpasses Solana, Ethereum and Base in chai
Robinhood news is in the spotlight as the Robinhood Chain kicked off September on a high note after an impressive August. Daily volumes on the chain just hit a new ATH.
As per the latest Robinhood news, the impressive volumes were driven by meme coins and stock pairs. The latter was unsurprising considering that Robinhood is one of the leading retail stock trading platforms.
On the other hand, robust meme coin volumes were quite surprising in Robinhood news. Dune Analytics revealed that meme coins and stock pairs collectively achieved $217.6 million in daily volumes on 1 September.
Robinhood On-chain Trading Volume | Source: Dune Analytics The meme coins and stock pairs brought in the majority of the daily trading volumes on Robinhood chains. The total daily trading volume on the network clocked in at $389.5 million on the same day (1 September), marking a new ATH.
Robinhood achieved those impressive volumes with 202 total tokenized assets. This marks a healthy start in September, and possibly the continuation of a trend that was observed in July and August.
Robust volumes suggest that Robinhood Chain has also been experiencing strong activity. This is also reflected in other key metrics such as chain revenue.
According to Arkham, the network activity allowed Robinhood chain to surpass top rivals in chain revenue. This includes heavy hitters such as Ethereum, Solana, and Base.
Robinhood chain was able to achieve this incredible feat courtesy of a large spike in fees on 1 September. It registered $3.75 million in chain fees, which was also the highest it has achieved so far, DeFiLlama data showed.
Robinhood Chain Fees Surge to New Highs | Source: DeFiLlama To put things into perspective, Ethereum, one of the largest blockchains, recorded just over $347,000 worth of daily fees on the same day. Solana had almost $900,000 in daily fees during the same session.
The Robinhood chain has been punching well above its weight as far as chains are concerned. However, this was not the only key area in which it achieved significant growth.
The robust daily chain fees were backed by just over 5.5 million daily transactions. Even more noteworthy was that TVL maintained a steady upside in the last 2 months, peaking at $758 million at press time.
Robinhood Chain TVL and DEX Volume | Source: DeFiLlama DEX volume also kicked off September with a new all-time high at $1.56 billion on Tuesday. This was also higher than the Ethereum DEX volume during the same session. This was the Robinhood chain’s greatest show of strength yet, and even more impressive considering that it is only two months after its launch.
Robinhood chain appears to have experienced a surge in activity in key areas. However, the same courtesy did not extend to the HOOD stock price.
However, the price targets and levels referenced in this article are based on technical analysis and should be viewed as estimates rather than guarantees of future performance. As the crypto market is highly volatile, investors should conduct independent research or seek guidance from a qualified financial professional before making investment decisions.
The stock retreated from a high of $112.45 achieved on Tuesday last week. It also threatened to slide below $100, but a resurgence near that level ensured that it steered clear of double-digit prices.
Robinhood (HOOD) Stock Price | Source: TradingView HOOD stock price exchanged hands at $105 at press time. This may indicate that its recent performance may have revived investor interest. It is now clear, based on the above data, that the Robinhood chain had an explosive start in its first two months.
The post Robinhood News: Robinhood Chain Volumes Hit Record High With Meme Coins And Stock In The Lead appeared first on The Coin Republic.
