CASHCAT’s bearish week: 3 reasons why the meme token lost 21%

CASHCAT’s bearish week: 3 reasons why the meme token lost 21%

A whale's wallet hack, a broader market sell-off, and leverage amplify CASHCAT's losses.

Cash Cat [CASHCAT] is down more than 14% in the past 24 hours, extending the weekly losses to over 21%. As a result, its monthly drawdown reached 40%. The daily trading volume of the memecoin jumped by 84%, reinforcing the selling pressure as risk appetite weakened. Even Bitcoin [BTC] lost $1,600 in its valuation in a few hours, taking its price to around $84,000. With the broader crypto market dropping, what caused the double-digit decline in CASHCAT?

AD Trader loses CASHCAT holdings to an attacker

First, there was a market-wide sell-off across the crypto market, especially the Robinhood Chain. Cash Cat is directly correlated to Robinhood’s daily average DEX volume, and the decline explains why its price was plunging. More selling pressure emanated from a hacker who stole Backpack [BP], MarsCoin [MARSCOIN], and CASHCAT. As per Lookonchain, 3.7 million CASHCAT tokens, among others, were swapped for Ethereum [ETH],