Cash Cat [CASHCAT] has declined more than 14% in the past 24 hours, extending its weekly losses to over 21%. The token's monthly drawdown has reached 40%, with daily trading volume jumping 84% as selling pressure intensified.
The decline occurred as Bitcoin fell $1,600 to around $84,000, signaling broader weakness across the cryptocurrency market.
Three Factors Behind the Selloff
Market-wide decline: Cash Cat is directly correlated with Robinhood Chain's daily average DEX volume. The memecoin's price drop reflected the broader downturn affecting the chain.
Security breach: According to blockchain analytics firm Lookonchain, a hacker stole 3.7 million CASHCAT tokens along with Backpack [BP] and MarsCoin [MARSCOIN]. The stolen tokens were swapped for Ethereum, Binance Coin, and Solana before being laundered.
Airdrop announcement: The Layer 2 network announced that users could claim a Cash Cat airdrop, adding to selling pressure and amplifying the daily decline.
Technical Analysis
CASHCAT has been approaching the apex of a falling wedge pattern since early September. Technical indicators showed signs of capital outflow, with the Chaikin Money Flow sharply declining from 0.10 to -0.05. The Cumulative Volume Delta indicated that more than 14,000 tokens were sold on MEXC's perpetual futures market.
Liquidation data showed concentrated leverage positions at $0.13, with additional clusters at $0.14, $0.15, and $0.16. These levels could serve as either bullish targets or bearish turning points depending on price direction.
Despite the bearish technicals, whale activity suggested potential stabilization ahead. One whale purchased $145,710 worth of CASHCAT when the market capitalization stood at $135 million.
