BlockBeats News, July 15th, according to GMGN market data, last night, the Robinhood Chain's on-chain meme coins experienced a widespread sell-off led by the flagship CASHCAT. As of the time of writing, CASHCAT's market capitalization plummeted to $138 million, with a 12% decrease in the past 24 hours. Other mainstream meme coins such as HOODRAT and JUGGERNAUT have experienced over a 25% drop.

At the same time, some "utility" tokens bucked the trend and saw gains during this correction. Among them, INDEX, which received attention from the Robinhood team members, skyrocketed by 160% last night, with a current market cap of $7.36 million. The project stated that it will use transaction fees to buy on-chain stock tokens and distribute them to INDEX holders.

In addition, the native DeFi project on the Robinhood Chain, ARROW, surged by 47.56% in the past 24 hours, with a current market cap of $22.43 million.

BlockBeats reminds users that the prices of these tokens are highly volatile, and users should invest cautiously.