From the right perspective, maybe.

I'm not exactly sure how to frame this as a trajectory problem, but certainly there is stuff moving and a catenary is traced!
We have a square moving horizontally at a constant speed, and rotating at "the right" constant angular velocity (I'm not certain the angular velocity is fixed, but I suspect it is). Throughout a given quarter rotation starting with a vertex of the square at the bottom, the point directly below the radius will trace out an inverted catenary.