Caton Network Surges 566% on Bybit Listing, Plummets 25%
Caton Network saw its CC token soar 566% to an all-time high of $0.20 following its listing on Bybit on November 10. This massive rally was driven by stablecoin inflows and bullish momentum on the derivatives market. However, a shift in sentiment led Bybit traders to open short positions, pushing short volume to 52.4% of total trades. The funding rate turned negative at -0.0784%, confirming a broader market sell-off. Liquidation heatmaps point to a demand zone around $0.10, where buying interest could trigger a rebound toward $0.17. Traders should watch the $0.10 support closely. Overall, Caton Network’s rapid ascent and sharp correction highlight the volatility of altcoin listings and the impact of derivatives trading on price swings in crypto markets.
Bearish
The 25% plunge in Caton Network’s price after a 566% surge underscores significant selling pressure from derivatives markets. When Bybit traders flipped to short positions—driving the funding rate negative—they triggered a broader sell-off. This pattern mirrors past altcoin listings where initial hype fuels sharp spikes followed by swift corrections, as seen with other tokens like SHIB or LUNA during exchange launches. In the short term, bearish sentiment and high open interest increase downside risk until stable demand emerges at the $0.10 zone. Over the long term, recovery hinges on renewed buying and broader market trends, but current indicators point to further near-term downside.