Crypto analyst The Smart Ape said activity tied to meme coin trading on Robinhood Chain has dropped sharply, while a larger share of on-chain capital is now sitting in stablecoin lending markets. In a post on X, the analyst cited data showing the chain’s daily gas fees fell from $8.4 million on Sept. 4 to $34,000 on Oct. 18, a 99.6% decline. Fee revenue across several platforms also fell steeply when comparing the most active 14-day stretch with the most recent 14 days: Pons V2 dropped from $87 million to $7 million, GMGN from $22 million to $900,000, and Axiom from $4.6 million to $300,000. The analyst also said the median drawdown for meme coins on the chain reached 97% from their all-time highs, with 72% of tokens down 90% or more. Even so, Robinhood Chain still recorded 873,000 active wallets last week, around $345,000 in gas fee revenue, and a record $1.05 billion in total value locked. About $480 million of that TVL was concentrated in two stablecoin lending markets on Morpho, mainly tied to leveraged arbitrage trades.
Crypto analyst The Smart Ape said in a post on X that meme coin trading on Robinhood Chain has lost momentum, with more on-chain capital moving into stablecoin lending.
According to the figures cited by the analyst, Robinhood Chain’s daily gas fees fell from $8.4 million on Sept. 4 to $34,000 on Oct. 18, a drop of 99.6%.
Fee revenue across trading venues fell sharply
Comparing the chain’s most active consecutive 14-day period with the most recent 14 days, several platforms posted steep declines in fee income:
- Pons V2 fell from $87 million to $7 million, down 92%.
- GMGN fell from $22 million to $900,000, down 96%.
- Axiom fell from $4.6 million to $300,000, down 94%.
Meme coin prices remain far below peak levels
The analyst said the median decline for meme coins on the chain from their historical highs reached 97%, while 72% of meme coins were down by at least 90%.
Active wallets and TVL stayed elevated
At the same time, Robinhood Chain still had 873,000 active wallets last week, with about $345,000 in gas fee revenue. Total value locked, or TVL, reached a record $1.05 billion.
Of that amount, roughly $480 million was concentrated in two stablecoin lending markets on Morpho, mainly involving leveraged arbitrage trades.
Based on those figures, The Smart Ape said high-risk speculative capital on Robinhood Chain has clearly retreated, while the capital that remains is more concentrated in areas such as stablecoin lending. The analyst added that there is a clear gap between on-chain activity and TVL growth.
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