Cat In A Dogs World Outsmarts Dogecoin, Shiba Inu, Emerges As Top Coin For The Week: What's Going On?

Cat-themed meme coin, cat in a dogs world MEW/USD dwarfed the broader cryptocurrency market with massive gains over the past week.

What Happened: The Solana SOL/USD-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 DOGE/USD, Shiba Inu SHIB/USD, and Pepe PEPE/USD. It even outclassed market heavyweight Bitcoin BTC/USD 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 ETH/USD 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.

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