Cat-themed meme coin, cat in a canine world MEW/USD dwarfed the broader cryptocurrency market with large positive factors over the previous week.
What Occurred: The Solana SOL/USD-based coin swelled 81% within the final week, rising because the market’s greatest performer. The asset was swiftly approaching its peak of $0.00915, hit through the market’s upswing in March.
The rally defied the broader dip within the memecoin market, with Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and Pepe PEPE/USD. It even outclassed market heavyweight Bitcoin BTC/USD which has retraced this week.
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In the meantime, SOL, the native foreign money of the Solana blockchain, can also be up 7% over the week. With the itemizing of Ethereum ETH/USD spot ETFs, the main target has shifted to Solana, with $30+ billion world funding agency, Franklin Templeton, projecting the asset’s capabilities.
Why It Issues: Cryptocurrency influencer Gerhard, who runs the Bitcoin Technique Youtube Channel, highlighted that MEW’s ongoing rally is pushed by the inflow of first-time merchants, indicating a rising investor base.
Furthermore, the dealer defined that small retail traders generated the majority of MEW’s buying and selling quantity, i.e., wallets with lower than $1000 value of the token, citing on-chain knowledge.
Whereas the rally might sound spectacular, it is value noting that MEW slumped after hitting its all-time excessive in March.
Worth Motion: On the time of writing, MEW was buying and selling at $0.00715, following a drop of 8% within the final 24 hours, in accordance with CoinMarketCap.
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