The flagship meme coin of the brand new Robinhood Chain community, Money Cat (CASHCAT), has been put by way of a brutal market check. Throughout buying and selling, the value of the token’s perpetual futures on Hyperliquid briefly collapsed by greater than 60%.
The chart printed a large vertical wick downward — from peak ranges above $0.190 to a neighborhood backside close to $0.080 — earlier than the value rapidly rebounded.
Robinhood Chain, a brand new Ethereum-based Layer 2 community, launched solely not too long ago, and the CASHCAT token turned its primary progress driver. The coin’s title was not chosen by chance: “Money Cat” was Robinhood’s unique working title in the course of the dealer’s early growth.
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Fueled by the historic reference and speculative curiosity, the token delivered an exceptional debut, surging 4,000% in lower than every week whereas its market capitalization exceeded $200 million. The frenzy was so intense that every day buying and selling quantity on Robinhood Chain reached $846 million, quickly surpassing the exercise of many mature DeFi platforms.
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For the meme coin sector, such rallies adopted by brutal crashes are utterly routine and predictable. Excessive volatility is constructed into the very nature of those property, the place elementary worth is changed by pure hype and panic spreads immediately. Within the case of CASHCAT, the state of affairs was intensified by the derivatives market.
The principle enviornment for hypothesis was Hyperliquid. The platform accounts for the lion’s share of all futures exercise involving the token — greater than 70% of complete buying and selling quantity. Given the excessive pace of decentralized protocols, this domino impact reduce the contract value on Hyperliquid in half inside minutes, sending it as little as the native $0.080 degree.
Buying and selling quantity on the crash candle, measured by the Quantity SMA, briefly exceeded 9.8 million tokens.
What is going on with Money Cat now?
The panic pale as rapidly because it started. For the time being, the value has recovered and is fluctuating round $0.170–$0.173, whereas the oracle index value stands at $0.17316.
The incident didn’t strip Money Cat of its standing because the flagship token of the brand new community, but it surely served as one other reminder that, within the meme coin market, the gap between an all-time excessive and the entire liquidation of a buying and selling account can generally be measured in only a few seconds.