Cash Cat (CASHCAT) dropped 16% in a single day, one of its steepest declines. Long liquidations reached $566,300 over 24 hours, vastly outpacing short liquidations of $38,210. Spot market netflow remained positive at $96,500, driven by $3.19 million in inflows, indicating sustained selling pressure. Despite the downturn, the funding rate climbed to 0.0174% and long positions accounted for 50.47% of trading volume, signaling persistent bullish sentiment among leveraged traders.
Cash Cat (CASHCAT) fell 16% in one day, marking one of the memecoin’s steepest declines. Trading Cash Cat could remain risky, especially for traders expecting further downside.
Pressure intensified on long traders as the CASHCAT perpetual market recorded a sharp liquidation imbalance. Over 24 hours, long traders lost 14.8 times more than short traders, with long liquidations reaching $566,300 and short liquidations totaling only $38,210.
The imbalance showed that CASHCAT’s decline caught leveraged bulls on the wrong side. A similar pattern emerged on the 4th of September, when long liquidations reached approximately $480,000 compared with $28,000 in short liquidations.
Spot traders have also contributed to the decline, as spot market netflow remained positive. When inflows exceed outflows, the resulting positive reading means more of the asset is being moved onto exchanges, which can increase selling pressure.
Inflows amounted to more than $3.19 million, while netflow remained at about $96,500. This confirms that sellers still have the edge over buyers.
This trend is also visible across a broader time frame, stretching over the past seven days, during which netflow reached $1.3 million. If this trend continues, it could put further pressure on the price and delay the possibility of a rebound.
The trading activity in the perpetual market, tracked through the long/short ratio, shows that long traders still account for a larger share of the volume. In the last 24 hours, about 50.47% of trading volume came from long positions as these traders continued to dominate market activity.
The funding rate has remained positive and, in fact, climbed higher over the past day, reaching 0.0174% despite the heavy liquidation of long positions. This suggests that traders remain optimistic about the price outlook and expect the asset to trend higher.
