Trader Nets $535K Shorting CASHCAT in 2 Days: Is the Meme Coin Hype Over After 72% Crash?

The abrupt reversal in $CASHCAT has created both winners and losers across the market.

One trader is sitting on more than $529,000 in unrealized gains from a short position. Meanwhile, others have suffered six-figure losses as the Robinhood Chain meme coin fell more than 70% from its recent high.

Notably, trader 0xc36a opened a short position on $CASHCAT two days ago and has since accumulated $535,510 in unrealized profit as the token continued its steep decline.

Long Traders Suffer Heavy Losses

While short sellers benefited from the selloff, bullish traders were caught on the wrong side of the move.

According to Lookonchain, trader 0x5fe6 spent 405 $ETH, worth about $750,000, to buy 5.04 million $CASHCAT tokens. After the sharp correction, the position is now worth only around $290,000. That leaves the trader with an unrealized loss of approximately $460,000, or 61%.

Another investor exited the token after holding it for just one day. On July 15, the trader sold all 6.12 million $CASHCAT tokens for 383.6 $ETH, worth about $735,000. The sale locked in a realized loss of 135 $ETH, or roughly $259,000, as the meme coin continued to fall.

$CASHCAT Market Cap Falls Over 70% in Three Days

Market data shows $CASHCAT’s market capitalization dropped from roughly $230 million to around $65 million–$70 million within three days. The move represents a decline of more than 70%.

The attached DexScreener chart shows $CASHCAT trading near a $70 million market cap. The token is down approximately 72% from its recent peak, highlighting the speed of the correction.

The sharp decline prompted crypto influencer Ronald Carter to question how a meme coin of $CASHCAT’s size could lose so much value in such a short period.

“How is it possible that a large memecoin like $CASHCAT drops from $230m to $65m in 72 hours,” Carter wrote on X.

He added that the move raised questions about whether whales, retail traders, and spot holders all decided to sell at the same time.

$CASHCAT’s Million-Dollar Gains

The latest drop comes only days after $CASHCAT generated some of the biggest meme coin profits of the year.

Earlier, TheCryptoBasic highlighted a trader who turned 0.49 $ETH, worth about $838, into 580 $ETH, worth approximately $1.04 million. The trade delivered a return of 1,183x.

Another wallet that turned just $86 into $1.6 million. Meanwhile, a separate trader missed out on an estimated $3.5 million after selling a $CASHCAT position too early.

The latest selloff highlights the extreme volatility of newly launched meme coins. As the tokens deliver life-changing gains, those gains quickly disappear as early investors take profits and market sentiment shifts.