Solana-based meme coin ZCAT rose more than 63% over the past 24 hours, lifting its market capitalization to $126.8 million. According to ChainCatcher, ZCAT is a cat-themed meme token inspired by Zcash's privacy concept and uses a mascot of an anonymous cat wearing a brown paper bag.

The token reportedly uses a trading or transfer tax of about 3% to buy and distribute bridged Zcash on the Solana chain to holders. Market commentary noted that meme coins often have limited practical use and can be highly volatile.