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FollowingIn early July, this cat-themed meme coin bucked the trend, with a weekly increase of 2,000%. The increase was mainly due to the token's association with the official Robinhood platform, which recently launched its own blockchain, and support from Binance.
However, this upward trend came to an abrupt end. CASHCAT has plunged more than 65% in the past seven days, raising the question: Is the craze over?
Traders 'experience
CASHCAT soared to US$0.22 on July 12 and is currently worth approximately US$0.05 (data from CoinGecko). Some market observers are beginning to speculate that it will be difficult for it to return to its previous highs and may fall further.
At the same time, savvy traders took advantage of this meme decline. According to analytics platform Lookonchain, a trader who started shorting CASHCAT two days ago is currently sitting on unrealized profits of more than $500,000. Of course, this led to allegations of inside information that other market participants were unaware of it.
However, not everyone can benefit from the token's crazy trend. One trader lost $460,000 on paper due to the CASHCAT meltdown; another trader sold too early, turning a $69 position into $711. That's indeed 10 times the gain, but Lookonchain points out that if they had waited a little longer, they might have achieved financial freedom.
Is the game really over?
Some X users were confused by CASHCAT's sudden decline and tried to figure out the triggers. Fluffy sought explanations from its 125,000 fans, and most of the responses were not friendly to the meme coin.
Many people who commented on the post described the cat-themed token as a scam, claiming that "anyone who buys at a high valuation is being played."
Indeed, CASHCAT is similar to many other meme coins in that their explosive rise relies entirely on hype and speculation rather than fundamentals or practical uses. Examples include Siren (SIREN) and MemeCore (M). The former led gains in June, but then plunged 96% in one day as its controllers suspected of selling off about 94% of supply.
A rebound is not impossible, and a renewed influx of speculative traders may help lift CASHCAT and similar tokens. Despite this, investors still need to be alert to risks and sharp fluctuations, do full due diligence before entering the ecosystem, and invest only the funds they can bear losses.
