Robinhood Meme coin WALLET market cap breaks $50 million, surging over 57% intraday to a new all-time high

Odaily reports that according to GMGN data, the market cap of Meme coin WALLET on Robinhood Chain briefly surged past $50 million, continuing to hit a new all-time high, with an intraday gain of over 57%, currently at $46.88 million.

Regarding the narrative, community on-chain researchers discovered that wallets related to WALLET's deployment appear to have fund connections with a wallet potentially linked to Robinhood co-founder Vlad Tenev. Additionally, some addresses had on-chain activity weeks before Robinhood Chain was officially made public, and a cluster of wallets has been alleged to be connected to a Robinhood product manager. The community has therefore hyped this as a potential "team-linked stealth launch" narrative, drawing comparisons to the early trajectory of TIBBIR on Base.

Currently, neither Robinhood, Vlad Tenev, nor any related parties have confirmed any association with WALLET, and the aforementioned on-chain relationships remain community speculation.

Odaily reminds readers that Meme coin prices are highly volatile, and WALLET's current core narrative is built upon unverified on-chain connections. Please be aware of trading risks.