Stitch(@stitchdegen):And the third play I want to talk about today is $RAYCAT A lot of you have been asking me about this one after its recent run, especially one question : Is the current dip actually a good entry? I looked deeper into it, and before talking about entry, I think we first need to understand what we're actually betting on here $RAYCAT is not an official Raydium token, and it’s also not the leader of the current cat meta The thesis, in my view, sits at the intersection of three narratives : Cat meta + $RAY/Raydium + StonkFun dividend meta 1. The idea is simple: hold the cat, earn RAY What makes $RAYCAT different from a pure cat meme is the reward mechanics Every buy, sell, or transfer of $RAYCAT is taxed. Most of that fee is converted into RAY and distributed back to holders based on how much $RAYCAT they hold No staking, no locking, and no manual claiming Simple : More volume => more fees => more RAY rewards for holders StonkFun also has a mechanism that uses part of its platform revenue to buy back and burn $RAYCAT. That is a separate flow, so don’t confuse it with the tax used for holder rewards One practical detail: transferring tokens between wallets can still be taxed, and very small wallets may not meet the minimum threshold to receive rewards So yes, I like the mechanics, but don’t look at a high APR and assume it’s fixed yield The APR looks high because volume is high If volume drops, rewards drop with it For me, if you’re tracking this play : Watch volume first, APR second 2. But $RAYCAT didn’t create this meta To understand why $RAYCAT ran, you first need to look at $ZCAT $ZCAT was the one that proved the template : Hold a meme => earn a “real” token. $ZCAT rewards holders in ZEC, and after its massive run, the market started copying the same mechanics into other tokens : RAYCAT => RAY JUPCAT => JUP LEVERCAT => LEVER So if we’re being accurate, $RAYCAT is a beta of the $ZCAT thesis, not the originator of the narrative But that’s how meme markets work The leader creates the meta first, then liquidity starts rotating into smaller betas And among those betas, I think $RAYCAT has pretty clear positioning 3. Because it picked the right token : RAY This is where it gets interesting for me Ray Cat Paired with RAY Rewards paid in RAY Launched through StonkFun while the StonkFun/Raydium narrative already has attention So buying $RAYCAT isn’t really just betting on another cat You’re effectively betting on three things at once : Cat meta staying alive + RAY staying strong + StonkFun continuing to generate volume That’s why I see $RAYCAT as something like : A cheaper beta of $ZCAT + an option on RAY If RAY keeps running and liquidity stays active around StonkFun, I think $RAYCAT is one of the easiest betas for the market to rotate back into within this branch of the meta 4. But there’s one narrative I think people are pushing too far The whole “official Raydium cat” story Raydium has posted cat memes, and the community started connecting them to $RAYCAT It’s obviously a very easy narrative to FOMO into But so far, I haven’t seen Raydium officially mention the $RAYCAT ticker or post the actual CA confirming that this is their token or mascot $RAYCAT itself is also not an official Raydium product So separate these two things : Raydium posting cats = fact That cat being $RAYCAT = community narrative If Raydium eventually mentions the actual ticker or CA, that could become a very strong catalyst But for now, I treat it as a potential catalyst, not something I’d buy based on the assumption that “Raydium will eventually tweet it” 5. The problem is that most of the easy catalysts have already happened This is why I’m not that interested in chasing the current dip $RAYCAT has already been verified/listed on Fomo Moonshot has verified it too RAY already had a strong move The cat meta has already run StonkFun already has attention And the chart has reflected all of that pretty clearly $RAYCAT ran from around $2M to nearly $15M MC, then wicked back down hard So this is no longer a pre-pump play It’s an after-pump play currently going through a reset For another strong leg, I think it needs fresh fuel Maybe RAY breaks out again Maybe StonkFun volume expands further Maybe $ZCAT starts a second leg and pulls the smaller satellites with it Or the strongest catalyst would obviously be Raydium actually acknowledging $RAYCAT itself Without something new, I’d lean more toward the chart needing time to reset rather than immediately printing another ATH 6. And don’t forget that $ZCAT is still the leader Looking at the broader cat meta, $ZCAT is still clearly ahead It has the first-mover advantage, a much larger market cap, and most importantly, it has already proven the narrative $RAYCAT is still more of a satellite play Simply put : $ZCAT is the leader of the meta $RAYCAT is the RAY beta If $ZCAT starts another leg, liquidity can easily rotate down into smaller betas like $RAYCAT But the opposite is also true When the leader gets weak, satellites usually get hit harder So don’t look at $ZCAT around ~$100M and $RAYCAT around ~$8M and simply think : “It still has another 10–12x just to catch ZCAT” Meme markets don’t price things that easily 7. This is also why the mechanics are both its biggest strength and its biggest risk The $RAYCAT flywheel looks great when the market is hot : Volume => tax => RAY rewards => incentive to hold => attention => more volume But when the market turns, that same flywheel can reverse : Attention drops => volume drops => rewards drop => incentive to hold drops So at the end of the day, the real engine is still volume If price corrects but volume remains healthy, RAY stays strong, and StonkFun keeps getting attention, I’m not too worried But if the chart starts bleeding while volume dies at the same time, then a pretty APR number doesn’t mean much This is still a meme And cat metas rotate extremely fast Today the market likes $RAYCAT. Tomorrow, another “CAT + reward token” can appear and steal all the attention 8. So is the current dip worth buying? This is the main question At around $8M MC, personally, I’m not chasing it Not because the thesis is bad It simply just ran from ~$2M to ~$15M before correcting back here. To me, ~$8M still feels stuck somewhere between the expansion and the actual reset zone If I wanted to bet on it, I’d start paying attention around $5–6M The $4–5M area becomes much more interesting if RAY is still strong, StonkFun is still generating volume, and the cat meta hasn’t died If the market actually gives us around $3M while the entire thesis remains intact, that’s where I’d see a much better margin of safety for a gamble On the other hand, if it loses the ~$2M area completely, then the structure of this current wave is basically broken for me Meme is meme No matter how good the narrative is, you still need an invalidation 9. Final thoughts I actually like $RAYCAT Not simply because it’s another cat, but because it sits at the intersection of several narratives that make sense : $ZCAT dividend meta + RAY + Raydium + StonkFun The $RAY reward mechanics also give it more reason to be interesting than most of the other cat clones But I still see it as a beta, not the leader. More importantly, most of the easy catalysts have already been priced in through that move from ~$2M to nearly ~$15M For another leg, I want to see volume remain strong or a fresh catalyst appear So for the question I keep getting : Is the ~$8M dip worth buying? For me, there’s no need to rush I like $RAYCAT, but at ~$8M, I don’t like the price yet CFNRDaxFcvRwRSNnA5cHrCCr6AHhk9dNkHWpRUjNupFL

2026.09.12 19:31

And the third play I want to talk about today is $RAYCAT A lot of you have been asking me about this one after its recent run, especially one question : Is the current dip actually a good entry? I looked deeper into it, and before talking about entry, I think we first need to understand what we're actually betting on here $RAYCAT is not an official Raydium token, and it’s also not the leader of the current cat meta The thesis, in my view, sits at the intersection of three narratives : Cat meta + $RAY/Raydium + StonkFun dividend meta 1. The idea is simple: hold the cat, earn RAY What makes $RAYCAT different from a pure cat meme is the reward mechanics Every buy, sell, or transfer of $RAYCAT is taxed. Most of that fee is converted into RAY and distributed back to holders based on how much $RAYCAT they hold No staking, no locking, and no manual claiming Simple : More volume => more fees => more RAY rewards for holders StonkFun also has a mechanism that uses part of its platform revenue to buy back and burn $RAYCAT. That is a separate flow, so don’t confuse it with the tax used for holder rewards One practical detail: transferring tokens between wallets can still be taxed, and very small wallets may not meet the minimum threshold to receive rewards So yes, I like the mechanics, but don’t look at a high APR and assume it’s fixed yield The APR looks high because volume is high If volume drops, rewards drop with it For me, if you’re tracking this play : Watch volume first, APR second 2. But $RAYCAT didn’t create this meta To understand why $RAYCAT ran, you first need to look at $ZCAT $ZCAT was the one that proved the template : Hold a meme => earn a “real” token. $ZCAT rewards holders in ZEC, and after its massive run, the market started copying the same mechanics into other tokens : RAYCAT => RAY JUPCAT => JUP LEVERCAT => LEVER So if we’re being accurate, $RAYCAT is a beta of the $ZCAT thesis, not the originator of the narrative But that’s how meme markets work The leader creates the meta first, then liquidity starts rotating into smaller betas And among those betas, I think $RAYCAT has pretty clear positioning 3. Because it picked the right token : RAY This is where it gets interesting for me Ray Cat Paired with RAY Rewards paid in RAY Launched through StonkFun while the StonkFun/Raydium narrative already has attention So buying $RAYCAT isn’t really just betting on another cat You’re effectively betting on three things at once : Cat meta staying alive + RAY staying strong + StonkFun continuing to generate volume That’s why I see $RAYCAT as something like : A cheaper beta of $ZCAT + an option on RAY If RAY keeps running and liquidity stays active around StonkFun, I think $RAYCAT is one of the easiest betas for the market to rotate back into within this branch of the meta 4. But there’s one narrative I think people are pushing too far The whole “official Raydium cat” story Raydium has posted cat memes, and the community started connecting them to $RAYCAT It’s obviously a very easy narrative to FOMO into But so far, I haven’t seen Raydium officially mention the $RAYCAT ticker or post the actual CA confirming that this is their token or mascot $RAYCAT itself is also not an official Raydium product So separate these two things : Raydium posting cats = fact That cat being $RAYCAT = community narrative If Raydium eventually mentions the actual ticker or CA, that could become a very strong catalyst But for now, I treat it as a potential catalyst, not something I’d buy based on the assumption that “Raydium will eventually tweet it” 5. The problem is that most of the easy catalysts have already happened This is why I’m not that interested in chasing the current dip $RAYCAT has already been verified/listed on Fomo Moonshot has verified it too RAY already had a strong move The cat meta has already run StonkFun already has attention And the chart has reflected all of that pretty clearly $RAYCAT ran from around $2M to nearly $15M MC, then wicked back down hard So this is no longer a pre-pump play It’s an after-pump play currently going through a reset For another strong leg, I think it needs fresh fuel Maybe RAY breaks out again Maybe StonkFun volume expands further Maybe $ZCAT starts a second leg and pulls the smaller satellites with it Or the strongest catalyst would obviously be Raydium actually acknowledging $RAYCAT itself Without something new, I’d lean more toward the chart needing time to reset rather than immediately printing another ATH 6. And don’t forget that $ZCAT is still the leader Looking at the broader cat meta, $ZCAT is still clearly ahead It has the first-mover advantage, a much larger market cap, and most importantly, it has already proven the narrative $RAYCAT is still more of a satellite play Simply put : $ZCAT is the leader of the meta $RAYCAT is the RAY beta If $ZCAT starts another leg, liquidity can easily rotate down into smaller betas like $RAYCAT But the opposite is also true When the leader gets weak, satellites usually get hit harder So don’t look at $ZCAT around ~$100M and $RAYCAT around ~$8M and simply think : “It still has another 10–12x just to catch ZCAT” Meme markets don’t price things that easily 7. This is also why the mechanics are both its biggest strength and its biggest risk The $RAYCAT flywheel looks great when the market is hot : Volume => tax => RAY rewards => incentive to hold => attention => more volume But when the market turns, that same flywheel can reverse : Attention drops => volume drops => rewards drop => incentive to hold drops So at the end of the day, the real engine is still volume If price corrects but volume remains healthy, RAY stays strong, and StonkFun keeps getting attention, I’m not too worried But if the chart starts bleeding while volume dies at the same time, then a pretty APR number doesn’t mean much This is still a meme And cat metas rotate extremely fast Today the market likes $RAYCAT. Tomorrow, another “CAT + reward token” can appear and steal all the attention 8. So is the current dip worth buying? This is the main question At around $8M MC, personally, I’m not chasing it Not because the thesis is bad It simply just ran from ~$2M to ~$15M before correcting back here. To me, ~$8M still feels stuck somewhere between the expansion and the actual reset zone If I wanted to bet on it, I’d start paying attention around $5–6M The $4–5M area becomes much more interesting if RAY is still strong, StonkFun is still generating volume, and the cat meta hasn’t died If the market actually gives us around $3M while the entire thesis remains intact, that’s where I’d see a much better margin of safety for a gamble On the other hand, if it loses the ~$2M area completely, then the structure of this current wave is basically broken for me Meme is meme No matter how good the narrative is, you still need an invalidation 9. Final thoughts I actually like $RAYCAT Not simply because it’s another cat, but because it sits at the intersection of several narratives that make sense : $ZCAT dividend meta + RAY + Raydium + StonkFun The $RAY reward mechanics also give it more reason to be interesting than most of the other cat clones But I still see it as a beta, not the leader. More importantly, most of the easy catalysts have already been priced in through that move from ~$2M to nearly ~$15M For another leg, I want to see volume remain strong or a fresh catalyst appear So for the question I keep getting : Is the ~$8M dip worth buying? For me, there’s no need to rush I like $RAYCAT, but at ~$8M, I don’t like the price yet CFNRDaxFcvRwRSNnA5cHrCCr6AHhk9dNkHWpRUjNupFL

Stitch@stitchdegen

2026.09.12 19:00

And the second token I want to talk about today is $CATGPT This is one of the tokens I think is worth researching on Robinhood Chain right now But first, we need to get one thing straight : $CATGPT is not a ChatGPT token, and it is not OpenAI stock Its thesis sits at the intersection of three narratives currently getting attention : Cat meta + OpenAI/ChatGPT + stock/pre-IPO paired memes And what interests me most isn't the $CATGPT name itself, but where it sits within the LONG ecosystem 1. What are you actually betting on with $CATGPT? Robinhood Chain was originally built around tokenized stocks/RWAs, but memes have become one of the biggest drivers of volume on the chain The meta has also evolved pretty clearly: Pure memes like $CASHCAT => memes paired with listed stocks => memes paired with Pre-IPO narratives $CATGPT sits in the third category It's paired directly with OPENAIx1L, a tokenized long exposure to OpenAI within the LONG/Lighter ecosystem The flow is pretty simple : OpenAI hasn't IPO'd yet => LONG creates OPENAIx1L to give the market exposure to the OpenAI narrative => $CATGPT pairs with OPENAIx1L and becomes the meme layer pulling retail attention into the same narrative So I don't see $CATGPT as simply "a GPT cat" I see it more as a distribution/attention layer for the long OpenAI onchain narrative 2. Why is $CATGPT positioned pretty well right now? The timing is what I like $CATGPT appeared almost exactly when LONG started opening up the OpenAI/Anthropic Pre-IPO narrative, and attention on the OpenAI side currently seems fairly concentrated around it That gives $CATGPT a kind of first-mover attention If LONG keeps pushing OpenAI pairs, expands TVL, and turns Pre-IPO into a real meta, the market will probably need a ticker that represents that narrative Right now, $CATGPT has a chance to take that slot But I want to emphasize: it has the opportunity, it hasn't proven itself yet. The token is still very new 3. $AI/NVDA is a useful benchmark Anyone who's been trading this ecosystem probably knows $AI $AI went from a small cap to hundreds of millions, but it didn't run simply because it was paired with NVDA It had a memorable ticker, a powerful NVDA narrative, better liquidity, and most importantly, enough time for the market to recognize it as one of the representative tokens of the ecosystem $CATGPT currently only has the right place + the right timing It doesn't yet have the same history, liquidity depth, or holder base as $AI So I wouldn't use this logic : $AI reached hundreds of millions => therefore $CATGPT should do the same What $AI actually proved is : LONG's meme + stock pair model can produce a major runner. Now $CATGPT is testing a similar model with the OpenAI Pre-IPO narrative Whether it becomes the next runner is something the market still needs time to answer 4. The chart looks okay, but I wouldn't call the structure strong yet $CATGPT price-discovered to around $19–20M, dumped to $8–9M, bounced back to $15–16M, and is now trading around $11–12M I wouldn't call this accumulation yet It looks more like temporary equilibrium after price discovery The positive side is that buyers have continued absorbing dips, and the token hasn't simply bled straight back to the lows But at the same time, the market hasn't established a clear base either $11–12M is currently in the middle of the range. It's not the bottom, but it's not a breakout either Buyers are returning, but I wouldn't call them particularly strong yet. Some early wallets have also started distributing, so supply appears to be rotating from early buyers into a new holder base If new holders continue absorbing that supply, the structure can gradually improve But if volume declines while holder growth stalls, future bounces could easily become exit liquidity 5. Liquidity is actually what concerns me more The main issue isn't necessarily the $CATGPT side. It's the OPENAIx1L leg The OpenAI vault currently has a cap of around $600K, while the meme itself has already reached valuations in the tens of millions That creates a pretty significant gap between: meme valuation <=> depth of the underlying narrative When money flows in, this structure can amplify upside very quickly But when sell pressure arrives, it can amplify the downside just as fast Simply put : The meme side of the pool looks relatively deep. OPENAIx1L is the thinner leg That's why I don't see OPENAIx1L as a hard "floor" for $CATGPT On the other hand, if LONG raises the cap, grows TVL, and adds more liquidity to the OpenAI side, that would be one of the strongest catalysts for the thesis 6. The mechanics also need to be understood correctly The $CATGPT contract itself is pretty simple : ~1B supply, 0% tax, almost 0 dev holdings, renounced, with no staking, reflections, or rights to claim OpenAI equity Mechanisms such as fees, community vaults, burns, and counter-dump features mainly belong to the LONG/pool mechanics, not to $CATGPT itself More importantly : Holding $CATGPT does not mean you own OpenAI or receive OpenAI shares OPENAIx1L isn't OpenAI equity either. It's a form of tokenized long exposure So ultimately, the value of $CATGPT still depends on four things : Attention + ecosystem positioning + liquidity + narrative 7. What would make me more bullish? There are four things I want to see LONG continues pushing $CATGPT as a representative pair Holder count continues growing after the launch hype cools down OPENAIx1L gets a higher cap and real liquidity growth And finally, the chart establishes a base after correction instead of continuously printing lower highs If these happen together, I think the thesis could shift from an event trade into something worth holding a little longer 8. What are the risks? The biggest risk is that both legs can move against you $CATGPT can lose attention while OPENAIx1L/NAV weakens the other side of the pool. Being paired with an OpenAI-related asset does not create a hard floor Second, attention isn't exclusive The same vault already has $FROGE, $GPT, $OPENAITOKEN... and more tokens can always appear $CATGPT only deserves its premium as long as it remains the narrative leader There's also the weekend/after-hours issue: memes trade 24/7, while the Pre-IPO underlying doesn't have the same kind of clean real-time price discovery, so dislocations can become larger And finally, the token is still extremely new A few good launch days aren't enough to prove holder quality or whether it can survive once attention starts rotating elsewhere 9. My plan At $11–12M, I'm not chasing We're currently sitting around the middle of the post-price-discovery range, so I don't think the risk/reward is particularly attractive If I want to bet on it : > $8–9M: shallow dip. Only interesting if volume and holder growth remain healthy > $5–6.5M: this is where the risk/reward starts becoming more interesting to me if the LONG + OpenAI thesis remains intact > $3–4M: only worth gambling on if $CATGPT still holds the representative slot and LONG continues pushing OpenAI But if volume collapses, holder growth stalls, top wallets start distributing heavily, OPENAIx1L liquidity gets clearly pulled, or attention rotates into another token, then I'll drop the dip-buying plan entirely A cheaper price doesn't automatically mean a better entry 10. Conclusion What I like about $CATGPT isn't the fact that it has ChatGPT in its name It's sitting right at the intersection of : Cat meta + OpenAI + Pre-IPO + LONG ecosystem That's a strong narrative position, but a strong position doesn't automatically mean a strong token Underlying liquidity is still thin, the holder base hasn't been stress-tested, and the market is already pricing in a lot of expectations for such a new token To me, $CATGPT currently looks more like an option on LONG turning OpenAI Pre-IPO into the next meta than something I'd hold for fundamentals If LONG keeps pushing, OPENAIx1L gains more depth, and $CATGPT maintains the #1# attention slot, I think there could still be meaningful upside But at $11–12M, I don't think there's any reason to FOMO I like the thesis. I just don't like the entry yet 0xd6FDE6a3Fc6Ab2d83b2BE58383944CA1baDe1E18

Forward to community