CASHCAT, the flagship token of the two-week-old Robinhood Chain, has fallen roughly 70% from its record high, unwinding most of the run that briefly carried its market value above $200 million after leveraged trading arrived.
The token changed hands at about $0.065 on Friday, down about 70% from its all-time high of $0.2278 set on July 11, according to CoinGecko. CASHCAT dropped about 25% in the past 24 hours and roughly 58% over the past week. Bitcoin was little changed over the same 24 hours and Ether fell about 2%, according to CoinGecko. The token's market value stood near $63 million, down from a peak of $200 million.
The decline shows how quickly a thin, newly created token can retrace. CASHCAT existed for under two weeks before Hyperliquid, the largest onchain perpetuals exchange by volume, and Binance's wallet added leveraged markets, drawing speculative flows into an asset backed by shallow spot liquidity.
Hyperliquid listed CASHCAT perpetual futures on July 11, capping the market at 3x leverage with isolated margin.
"By community request, you can now long or short $CASHCAT perps with up to 3x leverage," Hyperliquid said in a post on X, adding that trading was restricted to "low leverage and isolated margin only" and that the "listing is not an endorsement of the project."
