Why is Cap (CAP) up 30.80% Today, August 12? High Turnover Extends Listing-Era Market Discovery

CAP surged 30.80% amid listing-era price discovery, with 24h volume of $47.32m equaling ~53% of its $89.07m market cap, signaling unusually high turnover and momentum-driven participation. No confirmed same-day protocol catalyst is evident, suggesting the move is liquidity-led rather than fundamentals-led. Supply concentration is extreme (top 10 holders at 97.27%), keeping volatility and reversal risk elevated in the near term.