Robinhood Chain activity drops more than 40% as memecoin frenzy cools

Trading activity on Ethereum layer-2 network Robinhood Chain is slowing as enthusiasm for memecoin investing fades, Crypto Briefing reported. Transaction volume on Robinhood Chain surged after its July 1 launch, then recently fell by more than 40%. Daily network fees peaked at about $8 million in early September before dropping 97% to about $230,000 on Sept. 16. Daily transaction count also declined to 8.9 million from 13.1 million. Weekly memecoin trading volume on Pons, a Robinhood-based memecoin launch platform, fell 37%, according to the report. The outlet added there was no clear sign that departing users were moving in large numbers to rival networks.