CASHCAT Falls 75% from Peak After Hyperliquid Perp Listing
The Robinhood Chain memecoins slide has erased most of a 4,000% run, even as its spot price held through a 60% perp wick that liquidated leveraged traders. CASHCAT, the flagship token of the two-week-old Robinhood Chain, has fallen roughly 70% from its record high, unwinding most of the run that briefly carried its market value above $200 million after leveraged trading arrived. Discover more Brokerages & Day Trading Distributed & Cloud Computing Digital Currencies The token changed hands at about $0.065 on Friday, down about 70% from its all-time high of $0.2278 set on July 11, according to CoinGecko. CASHCAT dropped about 25% in the past 24 hours and roughly 58% over the past week. Bitcoin was little changed over the same 24 hours and Ether fell about 2%, according to CoinGecko. The tokens market value stood near $63 million, down from a peak of $200 million. The decline shows how quickly a thin, newly created token can retrace. CASHCAT existed for under two weeks before Hyperliquid, the largest onchain perpetuals exchange by volume, and Binances wallet added leveraged markets, drawing speculative flows into an asset backed by shallow spot liquidity. ‘Not an Endorsement of the Project’ Hyperliquid listed CASHCAT perpetual futures on July 11, capping the market at