The meme token WALLET, launched on the Robinhood Chain, saw its market capitalization drop from $84 million to approximately $9 million. This 90% decline followed a public disclaimer from Robinhood Wallet, which clarified that the company does not endorse third-party tokens.
The token was created via the Noxa factory shortly after the July 1, 2026, launch of the Robinhood Chain. Its initial growth was driven by speculation regarding its origin, with traders theorizing that the deployer had ties to Robinhood infrastructure or CEO Vlad Tenev, claims which the company has not confirmed.
Prior to the official warning, the token had already exhibited significant volatility, with individual trading sessions seeing declines of 70% or more. The total supply of the token is 1 billion units.
Robinhood maintains that it has no affiliation with the project. To mitigate risks, the company has integrated the security service Blockaid, which flags suspicious contracts. Users are responsible for evaluating tokens themselves, as the platform operates on a self-custody model.
