Key Takeaways:
- Whale sold $2.85M in CASHCAT, triggering a 32% price drop
- $2.14M in long positions liquidated across derivatives platforms
- $0.10 support now in focus as selling pressure outweighs buying volume
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CASHCAT plunges 32% as whale sells $2.85M, testing $0.10 support
CASHCAT fell 32% to $0.106 after a whale sold $2.85 million worth of tokens, triggering $2.14 million in long liquidations across derivatives platforms.
On-chain data from Arkham Intelligence showed a wallet address dumping 16.8 million CASHCAT tokens in a series of transactions over two hours, according to the analytics platform. The wallet had accumulated the position over the previous week during the token's rally to a $200 million market cap.
The sell-off pushed the token from $0.156 to an intraday low of $0.102, with $2.14 million in long positions liquidated across Hyperliquid and Binance Wallet Perps, per Coinglass data. Trading volume surged to $52 million in the past 24 hours, with sell orders outpacing buys by a ratio of 3-to-1, GeckoTerminal data shows. The token's market cap fell to roughly $64 million from a peak of $200 million on July 11.
The $0.10 level now serves as the last line of defense before a potential slide toward $0.07, where the token found support during its June lows. A break below that could trigger cascading liquidations on leveraged positions, given open interest remains elevated at $18 million across derivatives platforms.
The whale exit marks a sharp reversal for CASHCAT, which had gained more than 4,000% in the week through July 11 after becoming the first breakout token on Robinhood Chain, the Arbitrum-based network launched July 1. The token's rise drew attention from Robinhood Chief Executive Vlad Tenev, who posted on X that the chain "works great for memes too," and attracted whale accumulation from wallets linked to trader Ansem.
Unlike established cryptocurrencies, CASHCAT carries no fundamental value backing its price. Its performance depends entirely on trading activity, social media attention, and liquidity conditions, making large wallet transactions capable of moving the market within minutes. The token's thin liquidity — roughly $6.6 million in its Uniswap pool against a peak market cap of $200 million — means even moderate sell orders can produce outsized price moves.
This article is for informational purposes only and does not constitute investment advice.
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