A new meme-token launchpad in the Zcash ecosystem, shld.fun, created 270 token markets within roughly 43 hours of going live, according to the source article. The top performer, ZECAT, climbed as much as 4,844%, or 49.4x from its bonding-curve starting price. Still, the article says the entire platform’s circulating market cap totaled just 2,502 ZEC, or about $2.55 million, a small figure next to ZEC’s cited $17.2 billion market capitalization. The report pushes back on a claim circulating in crypto communities that shld.fun drove ZEC’s recent price strength. It also says the platform does not use Zcash memo fields for token purchases. Instead, each order is tied to a dedicated shielded address, while balances and pricing are recorded in the platform’s own indexer ledger. In that framing, the tokens are not merely staying inside Zcash — they never exist on the Zcash blockchain in the first place. The article also notes a sharp pullback across leading tokens over the past 24 hours, despite the early surge. shld.fun labels itself an experimental technology, states that users bear the risk, and says it has no affiliation with Electric Coin Company or the Zcash Foundation.