Trader Sold 20M CASHCAT for $711 on July 8, Missing $2.7M as Token Hits All-Time High

According to Lookonchain, a trader sold 20 million CASHCAT tokens for $711 on July 8, missing out on $2.7 million in potential gains as the token hit an all-time high of $0.147 on the same day. The trader initially purchased the position for $69 worth of ETH, securing a 10x return at exit but selling hours before CASHCAT's peak.

CASHCAT has surged over 5,500% in seven days on Robinhood Chain, the Ethereum layer 2 network launched July 1. The meme coin's rally accelerated following Robinhood CEO Vladimir Tenev's comments on the chain's capacity for both meme tokens and real-world assets. Robinhood Chain's decentralized exchange recorded $563.9 million in daily volume yesterday, with CASHCAT accounting for roughly $98 million. However, the token's $150 million market cap sits on only $6.6 million in liquidity, creating significant exit-risk concerns if holders attempt to liquidate at scale.