According to CoinMeta, short sellers became the largest buyers of CASHCAT, and a series of forced liquidations of Hyperliquid pushed its instant market value to $190 million. At 6:55 Beijing time, the price of CASHCAT rose from $0.10958 to a high of $0.18853 within one minute, an instant increase of 72%, representing a maximum rebound of 122.8% from the earlier low of $0.0846. During this period, CASHCAT traded 34.777 million units in a single minute; the largest five short sellers had approximately 13.1 million units liquidated, accounting for 37.7% of that minute's trading volume, with a total loss of about $1.072 million. After the short squeeze ended, CASHCAT was reported at $0.12129, a 35.7% decline from its peak, but it still rose by about 38.2% over 24 hours. The hourly funding rate also increased to +0.0658%, with a cumulative increase of about +0.5389% over the past 24 hours.