Crypto Trader Posts $529K Unrealized Profit as CASHCAT Plunges 44%

Crypto trader 0xc36a is sitting on an unrealized profit of more than $529,000 after opening a leveraged short position on meme cryptocurrency CASHCAT, according to on-chain trading data.

Specifically, the trader entered the short position two days ago, betting on a decline in CASHCAT’s price. The trade was executed with 3x leverage and involves 8.69 million CASHCAT tokens, with an entry value of $501,297. The position was opened at $0.1185, with the liquidation price set at $0.2830.

The trade moved in the trader’s favor as CASHCAT experienced a sharp sell-off, dropping 44.4% over the past 24 hours to $0.05766. The decline has pushed the position’s unrealized profit to approximately $529,016.

Source: Lookonchain