The flagship meme coin of the new Robinhood Chain network, Cash Cat (CASHCAT), has been put through a brutal market test. During trading, the price of the token’s perpetual futures on Hyperliquid briefly collapsed by more than 60%.
The chart printed a massive vertical wick downward — from peak levels above $0.190 to a local bottom near $0.080 — before the price quickly rebounded.
Robinhood Chain, a new Ethereum-based Layer 2 network, launched only recently, and the CASHCAT token became its main growth driver. The coin’s name was not chosen by accident: “Cash Cat” was Robinhood’s original working name during the broker’s early development.
Fueled by the historical reference and speculative interest, the token delivered a phenomenal debut, surging 4,000% in less than a week while its market capitalization exceeded $200 million. The frenzy was so intense that daily trading volume on Robinhood Chain reached $846 million, temporarily surpassing the activity of many mature DeFi platforms.
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For the meme coin sector, such rallies followed by brutal crashes are completely routine and predictable. Extreme volatility is built into the very nature of these assets, where fundamental value is replaced by pure hype and panic spreads instantly. In the case of CASHCAT, the situation was intensified by the derivatives market.
The main arena for speculation was Hyperliquid. The platform accounts for the lion’s share of all futures activity involving the token — more than 70% of total trading volume. Given the high speed of decentralized protocols, this domino effect cut the contract price on Hyperliquid in half within minutes, sending it as low as the local $0.080 level.
Trading volume on the crash candle, measured by the Volume SMA, briefly exceeded 9.8 million tokens.
What is happening with Cash Cat now?
The panic faded as quickly as it began. At the moment, the price has recovered and is fluctuating around $0.170–$0.173, while the oracle index price stands at $0.17316.
The incident did not strip Cash Cat of its status as the flagship token of the new network, but it served as another reminder that, in the meme coin market, the distance between an all-time high and the complete liquidation of a trading account can sometimes be measured in just a few seconds.
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