CAP token has delivered impressive gains, surging 38% within a single day to reach a market capitalization of over $100 million, according to reports from AMBCrypto. The token's price traded at $0.06 at press time, marking a significant milestone for the blockchain credit-backed platform's native asset. The rally was primarily driven by sentiment-driven market movements, with both Mindshare and investor sentiment showing substantial increases over the past 24 hours.
The Sentiment indicator, which measures bullish or bearish investor outlook on a scale of -10 to 10, currently stands at 4.27, as reported by AMBCrypto. This reading suggests the market maintains a bullish outlook at present. Additionally, Mindshare has experienced remarkable growth of over 679% to reach 984 in the past 24 hours, indicating increased trader discussion and market interest in the asset. However, these positive sentiment indicators have not translated into corresponding on-chain activity levels.
Total Value Locked (TVL) has grown modestly by $10 million over the past 48 hours, reaching approximately $330 million according to data from DeFiLlama. While this growth indicates investor bullishness, it remains at levels that are not typically associated with sustained multi-session rallies. Total fees generated by the protocol reached just $11,758 in the past 24 hours, while Active Loans stood at $61.55 million. The Active Loans figure represents a decline from $67.86 million recorded on September 12th, suggesting reduced protocol usage and potential impact on asset utility.
The OI-Weighted Funding Rate for CAP has plummeted into negative territory at approximately -0.4748%, as reported by CoinGlass. This negative Funding Rate indicates that traders are concentrating more capital into shorting the asset, suggesting they anticipate lower prices in the near term. Spot Market Netflow has dropped to around $2.20 million in the past 24 hours, following a previous decline of $9.78 million. Continued selling pressure in both spot and perpetual markets could continue weighing on the token's price performance.
