Three tickers carried 71% of the volume, and 147 listings did nothing at all
Robinhood Chain now lists 196 tokenised equities. Forty-nine of them traded enough to register. NVDA, SPCX and SPY accounted for $57.7m of the $81.0m that moved.
Of the 196 listings on Robinhood Chain, 49 traded at least $1.0k in the last 24 hours. The other 147 sat there. That is the shape of this market and it has been the shape of it for as long as anyone has been counting properly: a long tail that exists as a row in a table rather than as a thing anybody buys.
Total volume over 24 hours was $81.0m. NVDA, SPCX and SPY between them took $57.7m of that, or 71%. Whatever else you want to say about the week, the honest summary is that three tickers were the market and the remaining 46 active listings shared what was left. NVIDIA alone did $29.2m, SpaceX $17.5m, the SPDR S&P 500 ETF Trust $11.1m. Below them, GameStop at $5.1m and Trump Media at $3.6m round out the top five, and the drop from third to fourth is steeper than the drop from first to third.
What moved on price
MRNA led the seven-day gainers at +147.8%, which is the sort of number that demands you check whether anything actually changed hands. It did trade, which is the only reason it appears here at all. MSTR was up 36.0%, CRCL 28.9%, COIN 27.9% and DJT 18.3%. The falls were milder: UMC down 20.2%, then Intuit at -8.8%, T1 Energy -8.5%, Intel -8.5% and Sandisk -8.0%.
One thing to hold on to about those percentages. They cover only listings that traded. We exclude the quiet 147 from the movers tables deliberately, because a token nobody has bought will happily print a large move off a quote that has not been refreshed. A gainers list drawn from the whole board would be fiction dressed as data.
The cap number, read correctly
On-chain capitalisation across the board is $41.1m. That is the value of the tokens sitting on the chain. It is not the market capitalisation of the underlying companies, and the two are not in the same universe. Apple's on-chain presence here is measured in millions. Apple the company is not. If you have not read what a tokenised stock actually is, the distinction is the whole point of the piece. It is also worth sitting with the arithmetic: total on-chain cap of $41.1m against 24-hour volume of $81.0m means the tokens are turning over faster than they are being held, and that turnover is happening in a handful of names.
What we are not claiming
Our own board record runs to one day. Today's reading shows 49 listings trading and $83.7m in 24-hour volume. We are not going to tell you that is up or down on last week, because we do not have last week. Anyone presenting a week-over-week change in listing counts or board volume for this chain right now is presenting something they made up. We will have a comparison when we have two points to compare.
The threshold that separates "trading" from "quiet" is $1.0k in 24 hours. It is a low bar. Three quarters of the board cannot clear it. That is not a criticism of the chain so much as a description of it: 196 tickets have been printed and 49 of them are in use. The full board is here if you want to see which side each name falls on.
Little happened this week that was not concentration. The names at the top were the names at the top, the tail stayed still, and the largest price move on the board belonged to a stock that most readers would not have guessed was listed.
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