Shorting has become the top morning CASHCAT buyer, with Hyperliquid's cascading liquidations pushing the instantaneous market cap to $190 million.

BlockBeats News, August 6th, according to TradingBeats (formerly Hyperinsight) monitoring, the Robinhood Chain ecosystem Meme Coin CASHCAT experienced an extreme short squeeze this morning. At 6:55 am Beijing time, its Hyperliquid contract price surged from $0.10958 to a high of $0.18853 within one minute, a 72% instantaneous increase; from the earlier low of $0.0846, it rebounded by a maximum of 122.8%, corresponding to a market cap of approximately $189 million at the peak.

One of the main buyers that triggered this sharp rise was a short seller forced to cover.

At 6:55 am, CASHCAT traded 34.777 million tokens in a single minute, with the top 5 largest short positions liquidated by about 13.1 million tokens, accounting for 37.7% of the minute's trading volume, resulting in a total loss of approximately $1.072 million. In the next minute, an additional 2.234 million short positions were liquidated, leading to an additional loss of about $0.201 million.

Within two minutes, a total of 15.334 million CASHCAT tokens were liquidated from 5 addresses, with a liquidation amount of about $2.249 million and a loss of approximately $1.273 million. Among them:

- Address starting with 0xa037 suffered a loss of about $0.446 million, leaving an account equity of only about $0.012 million after liquidation;

- Address starting with 0x4f67 suffered a loss of about $0.308 million, briefly re-shorted before liquidation;

- Address starting with 0x9a5c suffered a loss of about $0.154 million, wiping out the account equity;

- Address starting with 0x3f97 suffered a loss of about $0.232 million, re-shorted 19 seconds after liquidation, and injected $0.025 million from the "cashcat sub" sub-account;

- The "Short the Shit" strategy treasury suffered a loss of about $0.134 million and currently maintains a small short position.

Out of all the liquidated positions, 8.817 million tokens were taken over by the backup liquidation mechanism, accounting for 57.5%. During the sharp rise, the normal order book could not complete all liquidations, forcing short sellers to buy back, further driving up the price in a "left foot stepping on the right foot" cycle.

After the short squeeze, there was a swift turnaround in the price. CASHCAT is currently trading at $0.12129, down 35.7% from its high but still up approximately 38.2% over the past 24 hours. The hourly funding rate has increased to +0.0658%, with a 24-hour accumulated funding rate of approximately +0.5389%, which is nearly 8 times higher than the previous rate.