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Cat-themed meme coin, cat in a dogs world (CRYPTO: MEW) dwarfed the broader cryptocurrency market with massive gains over the past week.
What Happened: The Solana (CRYPTO: SOL)-based coin swelled 81% in the last week, emerging as the market's best performer. The asset was swiftly approaching its peak of $0.00915, hit during the market's upswing in March.
The rally defied the broader dip in the memecoin market, with Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe (CRYPTO: PEPE). It even outclassed market heavyweight Bitcoin (CRYPTO: BTC) which has retraced this week.
See Also: Peter Schiff Polls HODLers, Asks If They’ll Sell If Bitcoin Slips Below $15K – Here’s How They Responded
Meanwhile, SOL, the native currency of the Solana blockchain, is also up 7% over the week. With the listing of Ethereum (CRYPTO: ETH) spot ETFs, the focus has shifted to Solana, with $30+ billion global investment firm, Franklin Templeton, projecting the asset's capabilities.
Why It Matters: Cryptocurrency influencer Gerhard, who runs the Bitcoin Strategy Youtube Channel, highlighted that MEW's ongoing rally is driven by the influx of first-time traders, indicating a growing investor base.
Moreover, the trader explained that small retail investors generated the bulk of MEW's trading volume, i.e., wallets with less than $1000 worth of the token, citing on-chain data.
While the rally might seem impressive, it's worth noting that MEW slumped after hitting its all-time high in March.
Price Action: At the time of writing, MEW was trading at $0.00715, following a drop of 8% in the last 24 hours, according to CoinMarketCap.
data from Benzinga Pro.Read Next:
