Shiba Inu (SHIB) Rival Cash Cat (CASHCAT) Drops 33% and May Go Down Even More

After falling about 33% from its most recent local peak, Cash Cat has entered a severe corrective phase. The market capitalization of the Noxa-affiliated meme coin is currently close to $89 million, which is significantly less than the $200 million+ valuation it momentarily attained during its explosive growth.

$CASHCAT's top was found

According to the four-hour chart, $CASHCAT first rose nearly vertically, going from a negligible capitalization to more than $100 million before reaching an all-time high of about $234 million. But near the top, the token was unable to create steady support. Sellers seized control and pushed the asset back toward the $100 million range after multiple erratic attempts at recovery. Right now, this decline doesn't look like a small pullback in a sound uptrend.

Since the peak, $CASHCAT has experienced a series of lower highs, and each subsequent rebound has sparked fresh selling. Additionally, trading volume increased during a number of bearish candles, indicating that holders were not merely waiting out brief volatility but were actively exiting their positions. The most crucial immediate support range is currently the capitalization zone between $90 million and $100 million.

Typical memecoin structure

This area is already being tested by $CASHCAT, and a significant drop below it could expose the token to yet another significant decline. The next discernible demand area is closer to $70 million to $80 million, but because the asset appreciated so quickly, the chart offers little historical structure.

An additional degree of risk is created by $CASHCAT's affiliation with Noxa. The token, which came from the Noxa ecosystem, is said to have contributed significantly to Noxa's demise. In particular, that association might continue to affect sentiment if traders start to doubt liquidity, insider activity, or the sustainability of the earlier valuation increase.

If $CASHCAT stays above the current range and recovers to about $120 million, a recovery is still feasible. The current bearish structure would be broken, and a move toward $140 million to $160 million might be possible.

But as of right now, buyers haven't shown enough strength to trigger this kind of reversal. The 33% drop might not be the ultimate bottom because $CASHCAT is still far below its all-time high and selling pressure remains evident. Another leg downward would be much more likely if the current support zone were to disappear.