The day the whole market lost 7.84% and three tokens lost a fifth of their value. Total capitalization fell to $2.575 trillion on $103 billion of turnover, with Bitcoin at $75,981 (−5.55%). On a day like this, losers are not selected by project quality but by how fast capital can get out. Pons, Cash Cat and Grass were the fastest exits on the tape.
This is not a story about bad projects. It is a story about thin order books. When turnover falls to a level where a single sell order of a few hundred thousand dollars moves the price two percent, price stops being a valuation and becomes a record of who got sick first. Today, plenty got sick.
Pons (PONS) — −18.55%
What is Pons?
Pons is a token born in the summer 2026 cycle, one of those projects that lives on attention: small capitalization, aggressive marketing, a community that counts everything. Total supply is one billion tokens, 670.7 million circulating, and the market value has fallen to $121 million. That is a size where fundamentals are not measured in money but in follower counts.
Why is it falling?
Pons lost 18.55% on $27.7 million of volume — nearly a quarter of its entire market value in one day. When 23% of a capitalization passes through the till in 24 hours, that is not a correction, that is an evacuation. The peak was $0.971 on September 5, 2026; today’s $0.181 is 81.4% lower. From July, when the token stood at $0.0033, to September, it rose 290-fold. Anything that rises 290-fold in two months falls 80% in two months. That is not pessimism, that is arithmetic.
The metaphor writes itself: Pons was the guy who showed up to prom in a borrowed Ferrari and spent Monday morning returning it on fumes. The car was real. The ownership was not.
Financial data: price $0.1809 · market cap $121.3M · 24h volume $27.7M · supply 670.7M PONS (1B total) · ATH $0.971 (Sep 5, 2026, −81.4%) · ATL $0.003317 (Jul 17, 2026)
Cash Cat (CASHCAT) — −16.38%
What is Cash Cat?
Cash Cat is a meme token about a cat that earns — a concept simple enough for anyone to understand and empty enough to be filled by any community. Nearly a billion tokens circulating, an $87.8 million capitalization, and a name that sticks after one read. That is the entire business plan.
Why is it falling?
A 16.38% drop on $13.5 million of turnover means 15% of the token’s value changed hands — solid volume for a meme coin, but in the wrong direction. The peak was $0.3143 on September 3, 2026, and the current $0.0888 is 71.7% lower. From the $0.0016 low in July to the September peak was a 195-fold move. Meme-cycle math is unforgiving: when a token rises 195-fold, every late buyer is purchasing someone else’s profit.
Cash Cat today is the cartoon character who has run off the edge of a cliff and is still sprinting on air — the only question is when he looks down. Today, he looked.
Financial data: price $0.08885 · market cap $87.8M · 24h volume $13.5M · supply 987.7M CASHCAT (1B total) · ATH $0.3143 (Sep 3, 2026, −71.7%) · ATL $0.001604 (Jul 1, 2026)
Grass (GRASS) — −15.03%
What is Grass?
Grass is a distributed internet project — a network where users share idle bandwidth to feed scrapers and AI models. It is one of the few DePIN projects with genuine, measurable revenue and real hardware in users’ hands. One billion tokens total, 722 million circulating, a $352 million capitalization.
Why is it falling?
Grass lost 15.03% to $0.487 on $20.5 million of volume. For a project with real infrastructure, a drop like this is usually not an exit from the project but an exit from the sector: when the market falls seven percent, DePIN and AI tokens fall twice as hard because they are held by the same funds selling everything else at the same time. That is correlation, not a verdict.
Grass peaked at $3.89 in November 2024, and the current price is 87.5% below that. From the $0.1668 low in February 2026, the token had nearly tripled, so today’s drop erases part of that recovery but not all of it. Grass is a marathoner at kilometer 30 — far from the finish, but still in the race, while many dropped out after the first hill.
Financial data: price $0.4872 · market cap $351.7M · 24h volume $20.5M · supply 722.0M GRASS (1B total) · ATH $3.89 (Nov 8, 2024, −87.5%) · ATL $0.1668 (Feb 5, 2026)
The rest of the red list: Holo, USD.AI and the thicker layer
Below the first three names the ranking reads like a passenger manifest on the same evacuation flight. Holo (HOT) lost 15.74% and fell to $0.0003947 — 98.7% below its April 2021 peak, one of the longest declines in this market’s history. USD.AI (CHIP) fell 15.65% to $0.03663 on $10.8 million of volume. Kinetiq (KNTQ) lost 15.22% to $0.3957, only six days after setting a peak of $0.5962 on October 30, 2026.
LayerZero (ZRO) slid 12.78% to $1.59 on $82.9 million of turnover, Basic Attention Token (BAT) 12.61% to $0.1276, Artificial Superintelligence Alliance (FET) 11.57% to $0.1431. Ethena (ENA) lost 11.56% to $0.1598, Pudgy Penguins (PENGU) 11.54% to $0.006437, Worldcoin (WLD) 10.96% to $0.3338 — a full 97.2% below its March 2024 peak.
Uniswap (UNI) fell 10.71% to $6.81 on $812 million of volume, Ondo (ONDO) 10.39%. Ether.fi (ETHFI) and Filecoin (FIL) closed the circle with roughly 10% losses. This is the thicker layer of the market — names with capitalizations from hundreds of millions to several billion — and when it drops double digits, it is clear today’s move is not rotation inside the sector but an exit from the sector.
The number that explains everything sits at the top: Bitcoin dominance at 59.3% and $103 billion of turnover across a market worth $2.575 trillion. Capital did not disappear. It simply moved to a safer place, and the safer place today was nobody with a small capitalization and a big story.
📊 The wider market: Daily Report — Bitcoin, Ethereum and the rest of the macro picture in numbers.