On July 8, CASHCAT's market cap surged to about $117 million, a single-day increase of approximately 1,650%, in stark contrast to the KOSPI index in South Korea, which plunged over 6% during the session and fell about 20% from its June peak.

On one hand, chip stocks represented by Samsung Electronics and SK Hynix led the decline amid a reassessment of AI demand expectations, with selling pressure persisting even as quarterly profits surged about 19 times year-over-year. On the other hand, Meme coins on the Robinhood chain, lacking traditional fundamentals, were pushed higher by sentiment alone.

Looking solely at the direction, it is easy to interpret this as "stock panic, on-chain frenzy," but the reality is more complex: in June, the trading volume of RWA perpetual contracts exceeded $100 billion for the first time, indicating that on-chain expansion into derivatives closer to real-world assets is also underway, not just pure meme coin speculation.

What remains to be seen is whether this combination of a "technical bear market + local bull market" occurring on the same day will evolve into a longer-term risk appetite divergence, or be dismissed by the market as an isolated incident of emotional catharsis.