The Solana-based memecoin ZCAT has distributed approximately 5,963 ZEC tokens to its holders, valued at over $8 million as of September 16. The project utilizes an automatic mechanism that levies a 3% tax on every ZCAT trade or transfer. These proceeds are converted into ZEC and airdropped to wallets holding at least $20 worth of ZCAT.
Launched in late August on the StonkFun platform, ZCAT saw its distribution pace accelerate throughout September. By September 7, the project had distributed over 2,320 ZEC, worth approximately $2.8 million. Total payouts exceeded $5 million by September 9–10 before reaching the $8 million milestone by September 16.
The distribution volume correlates with a significant rise in the price of Zcash, which climbed above $1,200 in early September, marking a year-over-year increase of more than 2,300%. At its peak, ZCAT reached a market capitalization of roughly $170 million, attracting tens of thousands of holders.
The project's growth coincided with the late August launch of a ZEC spot ETF by Grayscale, trading under the ticker ZCSH on NYSE Arca. Additionally, ZEC has seen increased bridging activity to the Solana network via protocols such as OmniBridge and NEAR Intents, further expanding its presence in the decentralized finance ecosystem.
