CASHCAT, the flagship token of the two-week-old Robinhood Chain, has given back most of the rally that briefly pushed its market capitalization above $200 million after leveraged trading arrived. CoinGecko data shows the token changed hands at about $0.065 on Friday, down roughly 70% from its all-time high of $0.2278 set on July 11. Its market value stood near $63 million, down from a peak of $200 million.
Over the past 24 hours, CASHCAT fell about 25%, and it was down roughly 58% over the past week, according to CoinGecko. Over that same 24-hour period, Bitcoin was little changed and Ether slipped about 2%.
The move shows how quickly a thin, newly created token can retrace after a sharp run-up. CASHCAT had existed for less than two weeks before Hyperliquid and Binance Wallet added leveraged markets, drawing speculative activity into an asset backed by shallow spot liquidity.
Hyperliquid added CASHCAT perps on July 11
Hyperliquid listed CASHCAT perpetual futures on July 11, with isolated margin and a leverage cap of 3x.
In a post on X, Hyperliquid wrote: "By community request, you can now long or short $CASHCAT perps with up to 3x leverage," while adding that trading was limited to "low leverage and isolated margin only" and that the "listing is not an endorsement of the project."
Under isolated margin, a trader's losses are limited to the collateral posted for that specific position rather than pulling from the full account balance. A 3x ceiling is relatively conservative for the memecoin market, where venues often allow much higher leverage.
Binance Wallet followed on July 14 with its own CASHCAT perpetual product offering up to 10x leverage, according to the exchange.
A 60% wick in minutes
Shortly after the Hyperliquid listing, the CASHCAT perpetual market dropped more than 60% within minutes, wicking from above $0.19 to roughly $0.08 before rebounding. The spot price, by contrast, barely moved.
That gap between spot and derivatives pointed to the mechanics of a new derivatives venue tied to a thinly traded asset, rather than to a broad selloff across the token itself. Because the perpetual contract settles against a spot index that never fell as far, the wick hit leveraged position holders while leaving spot buyers largely untouched.
Token launched on Robinhood Chain
CASHCAT launched on Robinhood Chain, the network that Robinhood brought to mainnet on July 1. The token takes its name and mascot from the company's pre-launch branding, though it has no formal affiliation with Robinhood.
In its first week, CASHCAT climbed more than 4,000% and dominated activity on the new chain before the leveraged markets opened and the retracement began.