CASHCAT Drops 70% From Peak as Perp Listing Sparks Selloff

CASHCAT, the leading token on the new Robinhood Chain, has taken a major hit. The token tumbled roughly 70% from its peak, trading at around $0.065 on Friday. This steep drop has wiped out most of the massive rally that briefly pushed the project's market capitalization above $200 million.

The sudden downturn came shortly after the introduction of margin trading. The token was recently listed for perpetual futures trading on Hyperliquid, which allowed traders to make larger bets on the asset's price. While listings like this often bring a flood of excitement and liquidity, they can also invite heavy short selling and high volatility.

Now, the community is watching closely to see if the two week old Robinhood Chain can sustain its early momentum. CASHCAT will need to find solid support at these lower levels to convince investors that the network has staying power beyond its initial hype cycle.