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▲ Cash Cat (CASHCAT), selling pressure, bear market/AI-generated image
Cash Cat (Cash Cat, CASHCAT) surged by 151% following its Robinhood listing. However, it quickly gave back most of its gains, raising concerns about the sustainability of the listing's effect.
According to BeInCrypto on August 6 (local time), Robinhood (HOOD) listed Cash Cat on its mobile app and its professional trading platform, Robinhood Legend. Cash Cat soared from $0.0853 to $0.2143, a 151% increase, within 15 hours before and after the listing.
Cash Cat is a memecoin created using a name that Robinhood had considered for its company name but later abandoned. Cash Cat stated that it has no official relationship with Robinhood and is a creative project utilizing a name Robinhood discarded. As a memecoin with no official affiliation got listed on Robinhood, investor interest immediately surged.
Buying pressure was concentrated in one hour. Cash Cat jumped 66% from $0.1288 to $0.2143 in just 60 minutes, with trading volume reaching $17.2 million during that hour. The peak approached its all-time high of $0.2288 recorded on July 11, differing by 6%, but it quickly gave back the gains, falling 42% below the listing day's high.
The shallow liquidity relative to the trading volume increased the risk of sharp price fluctuations. Liquidity in major trading pools was approximately $5.3 million, but the daily trading volume reached $92.6 million, about 17 times the liquidity. Buy transactions numbered 31,267, exceeding sell transactions of 19,088, and the number of holding wallets was tallied at 48,710. Cash Cat's 30-day gain was approximately 1,193%.
On-chain analytics firm Bubblemaps reported that newly created wallets bought millions of dollars worth of Cash Cat two days before the Robinhood listing. The unrealized profit for these wallets was estimated at approximately $3 million. Bubblemaps did not disclose the wallet owners or allege any illegal activity, and Robinhood has not commented on the associated addresses.
[Article Key Summary]
-Cash Cat surged 151% from $0.0853 to $0.2143 within 15 hours before and after its Robinhood listing.
-Trading volume reached $17.2 million in one hour, but major trading pool liquidity was only about $5.3 million.
-Bubblemaps reported that new wallets that bought Cash Cat two days before the listing recorded approximately $3 million in unrealized profits.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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