CASHCAT, the flagship token of the two-week-old Robinhood Chain, has lost roughly 70% of its value since hitting a record high. The decline came right after the token was listed on Hyperliquid's perpetuals exchange, a platform that lets traders bet on price direction with leverage. On Friday, CASHCAT traded at about $0.065 — a steep drop from its peak.
A Brief, Explosive Run
Robinhood Chain launched just two weeks ago, and CASHCAT was its headline asset. The token's market cap briefly topped $200 million when leveraged trading was introduced, fueling a rapid price surge. But the rally didn't last. Once traders could open perpetuals positions on Hyperliquid, selling pressure mounted quickly.
Why Perpetuals Matter
Perpetual swaps are derivatives that never expire, allowing traders to take long or short positions with borrowed funds. For a new token like CASHCAT, the listing on Hyperliquid gave speculators a direct way to bet against it. The same leverage that had driven the price up now accelerated the fall. The token's market value crumbled as short sellers piled in.
With CASHCAT down 70%, the project's credibility is on the line. Robinhood Chain hasn't announced any changes to its tokenomics or roadmap. The question now is whether the token can find a floor — or if more selling pressure is coming. For now, holders are watching the order book on Hyperliquid, where the next move could determine CASHCAT's short-term fate.
