Cat-themed cryptocurrency, cat in a dogs world (MEW) defied the broader memecoin stagnation on Monday to become one of the cohort’s top gainers.
What happened: The fourth-largest memecoin on Solana SOL/USD jumped more than 10% in the last 24 hours, while its trading volumes soared 70%.
The coin’s weekly gains increased to 34% following the latest uptick, helping traders recover losses from the previous month.
According to social media analytics tool LunarCrush, socially-driven engagements, including likes, comments, and views for the coin, surged 442% in the last 24 hours, reflecting strong interest among retail traders.
The coin's northward movement stood in sharp contrast to the performance of sector heavyweights like Dogecoin DOGE/USD and Shiba Inu SHIB/USD, which fell 0.29% and 2.18%, respectively.
Why It Matters: Launched to challenge the hegemony of dog-themed memecoins, MEW has nearly tripled in value since its introduction in late March.
Widely-followed trader Yelo made a strong case for the token, saying it deserved to be at the top of investors' radar.
The trader highlighted MEW's listing on London-based cryptocurrency trading platform Revolut and Korean cryptocurrency exchange Upbit.
Interestingly, another cat-themed memecoin, Popcat (SOL), is currently the top performer for 2024, soaring an impressive 11,203.24 this year.
Price Action: At the time of writing, MEW was exchanging hands at 0.00548, up 10.23% in the last 24 hours, according to data from CoinMarketCap.
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