Trading volumes on the Robinhood (NASDAQ: $HOOD) Chain platform are slumping as investor interest in memecoins fades.
The number of active accounts on Robinhood Chain currently averages 275,000 per day, down 7% over the past week.
The number of deposits on the trading platform currently stands at $325 million U.S. a month after the project went live.
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Robinhood Chain is an Ethereum (CRYPTO: $ETH) Layer-2 blockchain that supports onchain finance, 24/7 trading of tokenized real-world assets, and artificial intelligence (A.I.) agents.
Investors have mostly been using the platform to trade memecoins such as Dogecoin (CRYPTO: $DOGE).
Trading volume per active account has declined to just $2,000 U.S. over the past week, compared to a peak of $2,800 U.S. two weeks ago.
Capital is now arriving on Robinhood Chain faster than it is being traded, an indication that recent deposits have been more yield-motivated than trade-motivated.
This is likely due to Robinhood Earn, which offers an estimated 7% interest rate on cash deposits.
Robinhood Chain's early activity spiked following a social media post from CEO Vlad Tenev saying the platform "works well for memes."
The tweet prompted a memecoin rush on the platform, with the most notable example being the memecoin Cash Cat (CRYPTO: $CASHCAT), named after Robinhood's original mascot, which rose 962% in a day before declining.
Robinhood Markets is scheduled to report its second-quarter financial results on July 29. HOOD stock has declined 14% over the last 12 months to trade at $91.76 U.S. per share.