Meme coin CASHCAT on Robinhood Chain has 89.1% of supply held by top 1000 addresses, worth over $40 million.

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A new meme coin on the Robinhood Chain, CASHCAT, has raised concerns over centralization. According to data from Arkham, the top 1000 addresses hold 89.1% of the total supply, valued at over $40 million. While the token has more than 61,000 holders, this extreme concentration suggests that a small group controls the vast majority of tokens, posing risks of price manipulation and low liquidity for retail traders. The high concentration may lead to sudden volatility, as large holders could coordinate sell-offs or influence market movements. For intraday speculative traders, the uneven distribution signals caution, as the token's price could be highly sensitive to actions by major wallets. The data highlights the ongoing risks in the meme coin space, where distribution transparency is critical for assessing market stability.