Cat-themed meme coin, cat in a dogs world MEW/USD emerged as the market's best-performing cryptocurrency Tuesday even as the heavyweights remained restrained.
What Happened: The Solana SOL/USD-based currency popped 20% in the last 24 hours, helping investors recoup significant losses incurred over the weekend.
The memecoin soared 81% in July before taking a U-turn in the first week of August. With the latest reversal, MEW's monthly gains improved to 57%.
The relief rally outshone blue-chip currencies like Bitcoin BTC/USD and Ethereum ETH/USD, while also bettering meme giants like Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
Other Solana-based meme tokens such as dogwifhat WIF and Bonk BONK/USD also recovered, rising 10.94% and 7.92%, respectively.
Why It Matters: The memecoin's surge came alongside a 14% dip in its 24-hour trading volumes, casting doubts about the sustainability of the rally.
Meanwhile, the Cryptocurrency Fear & Greed Index improved from "Extreme Fear" to "Fear" Tuesday, as the market bellwether, Bitcoin rebounded from its Monday crash.
Price Action: At the time of writing, MEW was trading at 0.005992, jumping 20% in the last 24 hours, according to CoinMarketCap.
Image generated with DALL_E 3
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