Cap Jumps 29% as Network Growth Tops Crypto and Volume Passes $90 Million

Published October 25, 2026, 10:00 PM PKT. Based on CoinGecko market data and trending searches for October 25, 2026 (primary market data), Santiment network-growth data reported by The Daily Hodl on October 13, 2026, DefiLlama protocol and stablecoin data for October 25, 2026, the Cap token debut release via GlobeNewswire on July 7, 2026, and technical readings from COINOTAG on October 25, 2026 (secondary sources).

Cap (CAP) jumped about 29% on Sunday, October 25, 2026, trading near $0.0965 with about $92.4 million in 24-hour volume, according to CoinGecko. The token gained 29.4% in 24 hours, 45.3% over seven days and 89.1% over 30 days, according to the same data, and it appeared on CoinGecko's trending searches on Sunday evening. Its market value stood near $149.4 million, ranking around 209th, with a fully diluted valuation near $958 million on 1.56 billion tokens in circulation out of a 10 billion total supply, according to CoinGecko. The 24-hour trading range ran from $0.0745 to $0.1097, according to the same data.

The 800% network-growth reading

The backdrop to the move is a network-growth ranking that put Cap ahead of every other project Santiment tracks. Santiment measures growth by counting new wallets created, according to The Daily Hodl, and Cap topped its list with 800% week-over-week network growth in the ranking published October 13, 2026. Grass came second at 699% and Starknet third at 469%, according to the same report. At the time of that ranking, CAP traded at $0.09586 and ranked 225th by market value, up 30% over the previous week, according to CoinGecko data cited by The Daily Hodl.

That detail cuts both ways for Sunday's rally. The token closed Sunday near $0.0965, almost exactly where it stood when Santiment published its ranking, which means the past two weeks have been a round trip rather than a straight climb: CAP set its all-time high of $0.1208 on October 12, 2026, according to CoinGecko, then fell back before recovering. Sunday's 29% jump restores the token to its mid-October level, still about 20% below that October 12 peak. New wallets are also a noisy signal on their own: they count addresses created, not deposits made or loans taken, so the ranking says more about attention than about usage.

What Cap does: covered credit

Cap describes itself as a covered-credit application, a DeFi project that uses a digital dollar, a credit platform and a financial guarantee market to underwrite individual loans, according to The Daily Hodl's description of the Santiment ranking. Its stablecoin, cUSD, is backed by reserve assets including USDC, USDT, pyUSD, BUIDL and BENJI, and is redeemable 1:1 for any of the available reserve assets, according to DefiLlama. The protocol also issues stcUSD, a yield-bearing version of the dollar, according to the same source.

The guarantee is the product's distinguishing claim. Each loan has a dedicated underwriter who puts its own capital behind the decision, making honest underwriting the dominant strategy, according to Cap's debut release via GlobeNewswire. Dollar depositors earn secured yield backstopped by those underwriters, the release said. The platform's backers include Franklin Templeton, Susquehanna and IMC Trading, according to the same release, and Franklin Templeton's BENJI tokenized fund was integrated as a reserve asset in June 2026, according to AInvest. Real institutional borrowers have used the platform too: Lombard and Flow Traders ran a credit strategy on Cap in July 2026, according to AInvest.

By the numbers, the protocol is still small. DefiLlama put Cap's total value locked at $202.6 million on October 25, 2026, with $56.06 million in active loans, and put cUSD supply at $75.41 million, almost all of it on Ethereum, according to its protocol and stablecoin pages. The platform said at its July debut that it had processed more than $5 billion in cumulative volume and held more than $260 million in deposits, offering 5% to 7% annualized yield on dollar deposits, according to the GlobeNewswire release. The gap between the July deposit figure and today's cUSD supply is a reminder that deposits, total value locked and stablecoin supply measure different things, and none of them, alone, proves the credit model works at scale.

The July debut and the Korean listings

CAP began trading on July 7, 2026 with unusually wide day-one distribution. The token recorded nearly $900 million in volume during its first 10 days and closed day one at a $325 million fully diluted valuation, according to the GlobeNewswire release. Its batch auction, which ran from June 8 to June 18, drew 1,002 bids and $16.4 million in commitments, a 5.5 times oversubscription, clearing at about $0.0106 per token, according to the same release. Spot trading went live simultaneously on Coinbase, Binance Alpha, Kraken, Bybit, Bithumb, Crypto.com, HTX and MEXC, with perpetual futures on Binance, OKX, Bybit, Bitget and others, according to the release.

South Korea added the next leg. Bithumb listed CAP against the won on June 30, 2026, and Upbit, the country's largest exchange, listed CAP against the won, Bitcoin and USDT on August 6, 2026, according to AInvest. The Upbit listing opened the largest retail venue in Korea to the token, and CAP rose about 34% intraday around that news cycle, according to the same report. Today's volume, near $92.4 million per CoinGecko and higher on some aggregators, is in the same league as the debut week's pace, but it comes without a fresh listing or product announcement: MABOnChain found no new Cap announcement in the last 48 hours, so Sunday's move reads as momentum and narrative, not a new catalyst.

The levels traders are watching

Technically, the token sits just under a ceiling it already failed at once. COINOTAG's October 25 snapshot put first resistance at $0.1081 and first support at $0.0772, with a 14-day relative strength index of 68.8, a reading approaching the 70 level traders treat as overbought, and a funding rate of 0.0371% with about $7.72 million in open interest, according to its market data page. Its 24-hour range of $0.0736 to $0.1109 closely matches CoinGecko's range, according to the same page. A daily close above $0.1081 would put the October 12 all-time high of $0.1208 back in view, while a loss of $0.0772 would erase most of Sunday's gain.

The supply schedule is the longer overhang. About 8.44 billion of the 10 billion CAP tokens are not yet in circulation, according to CoinGecko's supply figures, and AInvest flagged an estimated 1.08 billion tokens tied to investors, team and Echo allocations unlocking around mid-2027. That unlock calendar, not the daily chart, is what sets the ceiling on how far a network-growth story can carry the token: every new wallet counted by Santiment today meets a much larger token supply tomorrow.

What the surge does not prove

Nothing in Sunday's data proves Cap's credit model has found durable demand. The Santiment ranking is 12 days old, the token has merely returned to its mid-October price, the stablecoin at the center of the model holds about $75 million against a crypto market worth trillions, and the protocol's own fee base is thin: DefiLlama recorded about $480,100 in fees over the last 30 days and about $8.41 million cumulatively, according to its protocol page. What Sunday does prove is narrower and still notable: a covered-credit token with no fresh announcement can still draw $92 million in a day's trading and top the trending lists on the strength of a wallet-growth story and a 45% weekly run. Whether the wallets become depositors is the test that decides whether this is a base being built or a round trip being repeated.

This article is news reporting and is not investment advice.

Sources

• CoinGecko, trending searches list and Cap market data (October 25, 2026), primary market data
• The Daily Hodl, Under-the-Radar Altcoins Cap, Grass and Starknet Witness Surge in Network Growth, Topping All Crypto Projects: Santiment (October 13, 2026), secondary source
• DefiLlama, Cap protocol TVL, revenue and fees (October 25, 2026), secondary source
• DefiLlama, Cap cUSD market cap, supply and peg (October 25, 2026), secondary source
• Cap via GlobeNewswire, CAP Token Debuts With Nearly $900M in 10-Day Volume, Closing at a $325M FDV In First 24 Hours (July 7, 2026), secondary source
• COINOTAG, CAP price, live chart and market data (October 25, 2026), secondary source
• AInvest, Cap Rallies on Upbit Listing and Institutional Credit Adoption (August 2026), secondary source