Feline-themed cryptocurrency, cat in a dogs world (MEW) defied the broader slump in meme coin space on Monday to become one of the market's top gainers.
What Happened: MEW, the fourth-largest meme coin on Solana (CRYPTO: SOL) by market capitalization, spiked over 6% in the last 24 hours, bucking the trend of declines in more established tokens. As of this writing, it was the third-best-performing cryptocurrency in the 24-hour period.
The meme currency's trading volume soared a massive 353% in the last 24 hours, indicating strong buying pressure. With the latest rally, MEW's monthly gains elevated to over 88%, while year-to-date it was up 414%.
The stated aim of the project was to challenge the dominance of dog-themed meme coins and herald the "dawn of a new era" of cat-inspired tokens.
Interestingly, another cat-themed memecoin, Popcat (SOL), is currently the top performer for 2024, soaring an impressive 16492% year-to-date.
The rally was in sharp contrast to the broader drop across the meme coin space, with the total market cap contracting nearly 2% over the last 24 hours. Blue-chip currencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) fell 0.72% and 3.13%, respectively.
The cryptocurrency market pulled back Monday after hitting multi-month highs a day earlier. Heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) retreated 2.22% and 3.28%, respectively, over the last 24 hours.
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