HYPE falls in risk-off trade as Robinhood Chain memecoin CASHCAT extends slide
Hyperliquid’s token dropped more than 9% amid broader crypto weakness, while Robinhood Chain memecoin CASHCAT fell about 70%-75% from its July 11 peak and one early buyer’s holdings slid to about $1.1 million from over $3.8 million.
Both parts of the claim are confirmed. Bloomingbit reports HYPE dropped over 9% intraday in a geopolitical risk-off move with Bitcoin under $64k. The Defiant and CryptoTimes confirm CASHCAT collapsed sharply from its peak following the Hyperliquid perp listing — The Defiant cites ~70-75% decline from a $0.2278 high and attributes the crash to leverage mechanics and shallow spot liquidity, while CryptoTimes documents a market cap collapse from ~$230M to ~$56M (over 75%). The 'more than 70% from peak' figure is well supported. Minor variance in exact CASHCAT percentages (52% weekly vs. 70-75% from peak) reflects different reference points, not a contradiction.
Hyperliquid’s HYPE token fell more than 9% intraday on July 17, dropping to $60.15 before trading near $60.4 on OKX, as broader risk-off sentiment tied to US-Iran tensions pushed Bitcoin below $64,000 and weighed on altcoins. Traders also cited profit-taking after HYPE’s run to a $76.70 all-time high and repeated failures to break resistance near $72. On Robinhood Chain, memecoin trading has remained intense but painful for many participants. BubbleMaps said only 37% of 164,538 traders across the top 50 tokens were profitable, while 63% lost money. CASHCAT, a memecoin on Robinhood Chain with no formal affiliation to Robinhood, has fallen roughly 70%-75% from its July 11 peak. Arkham said wallet 0x4A5, which bought 2% of supply for $144 and still holds more than 80% of its original position, saw the value of its holdings retreat to about $1.1 million from more than $3.8 million at the peak.
- perpetual futures: Crypto derivatives contracts with no expiry date.
- drawdown: Decline from a peak valuation.
- Arbitrum Orbit layer-2 blockchain: A scaling network built atop Ethereum to lower costs and increase transaction throughput.