In the latest crypto update, the explosive rally surrounding the Robinhood Chain meme coin Cash Cat (CASHCAT) has reversed dramatically, with the token losing nearly half of its value after launching perpetual futures on Hyperliquid.
While many late buyers suffered steep losses during the correction, one large trader turned the market downturn into a profitable opportunity by opening a well-timed short position near the token’s peak.
Trader Secures $140K Profit Shorting CASHCAT
According to blockchain analytics platform Arkham Intelligence, CASHCAT has dropped almost 50% since Hyperliquid listed its perpetual futures contract.
As a result, a trader managing a $10 million portfolio has accumulated $142,588 in unrealized profit from a short position while also collecting around $10,000 in funding payments. Arkham’s on-chain data shows that the trader opened a 3x leveraged short when CASHCAT traded around $0.202.
As selling pressure intensified, the meme coin fell to $0.129, pushing the position to a return of more than 109% on margin. The trade highlights how quickly market sentiment shifted after the excitement surrounding the futures listing faded.
CASHCAT Performance After Hyperliquid Listing
For context, Hyperliquid launched perpetual futures for CASHCAT on July 11, ending a three-month pause in introducing new crypto-native perpetual trading contracts.
The listing allowed traders to speculate on both rising and falling prices using leverage. Although the additional liquidity initially fueled trading activity, it also intensified volatility as leveraged traders entered the market.
Soon after the launch, early investors began locking in profits while short sellers increased bearish bets. Consequently, selling pressure accelerated, wiping out nearly half of the token’s value from its post-listing highs.
Early Investor Turned $838 Into More Than $1 Million
Despite the recent correction, CASHCAT remains one of the year’s most remarkable meme coin success stories. Before the sell-off, CoinRemark reported that an early investor purchased 15.04 million CASHCAT tokens for just $838 around 20 days before the explosive rally.
As demand surged, the investment climbed to an estimated $1.05 million, delivering a staggering return of more than 1,250x.
CASHCAT became one of the biggest drivers of activity on the newly launched Robinhood Chain, helping decentralized exchanges record significant trading volumes during the height of the rally. At its peak, the meme coin’s market capitalization briefly surpassed $220 million, attracting both retail investors and professional traders.
However, momentum has weakened considerably in recent days. At press time, CASHCAT traded at $0.1279, down 33.27% over the previous 24 hours. Even so, the token remains 27.14% higher over the past week and has surged an impressive 15,731% over the last month. With a market cap of $127.91 million, CASHCAT currently ranks as the 240th-largest cryptocurrency by market value.
Evans Kelvin
Temitope Olajide
