CASHCAT has been moving very fast.

The memecoin gained more than 29 percent in one day and reached a new high around $0.30.

Its weekly gain is now above 40 percent.

That is a big move for any coin. But with memecoins I always want to look beyond the price.

A big part of this move seems to be coming from the growing meme activity on Robinhood Chain.

CASHCAT is now one of the biggest meme coins on the network by market value.

Trading activity has also picked up across the chain. This has brought more attention and more money into these coins.

There is another reason the move became so strong.

A large number of short positions were closed as the price moved higher.

More than $611K in short positions were liquidated within the day. More than $377K was wiped out in less than an hour.

When shorts get forced out during a fast move it can push the price even higher.

But this also creates a problem.

CASHCAT is now sitting at a new high after a very quick move.

The next test is whether buyers can keep the price above the old high near $0.259.

If that level turns into support then the current trend still looks healthy.

If the price falls back below it then the recent breakout could start losing strength.

There is another area around $0.217 to $0.225 that could matter during a deeper pullback.

But the bigger support sits around $0.17.

That level has held during the recent price action and could be the line that keeps the larger trend alive.

If CASHCAT loses $0.17 then the story changes quickly.

For now the bulls are clearly in control.

But after a 29 percent daily move I would be more interested in seeing how the price behaves during a pullback than chasing another green candle.

A strong coin should be able to hold its old high after breaking it.

That is the test CASHCAT faces now.

The next move will tell us whether this is just another memecoin spike or a trend that still has buyers behind it.