CATFI token market capitalization crashes to $57,000
South Korea has charged the operators of the CATFI memecoin in the country’s first decentralized exchange rug-pull case.
The CATFI token had surged to an $8.99 million market capitalization in February 2025, but has since crashed by 99%.
The case highlights the risks of memecoin trading, with one trader losing nearly $190,000 on a similar memecoin within an hour.
The development comes amid a significant contraction of South Korea’s domestic digital asset trading market, with trading volume on major won-based cryptocurrency exchanges declining to just 8% of the KOSPI stock market’s trading volume.