The cryptocurrency market began a sharp decline recently amid geopolitical tensions in the Middle East over the weekend. Although the sector managed a notable recovery yesterday, most cryptocurrencies have entered retracement mode again in the last 24 hours with significant drops.
Given this scenario, a cryptocurrency meme has been attracting attention for being one of the few traded in the green, on April 16th. The cryptocurrency Cat in a dogs world (MEW), a memecoin based on the Solana blockchain, has seen its value soar close to $0,0060 more than 13% in the last 24 hours.
Amid a week of decline in cryptocurrency market, the new player has been attracting attention for its remarkable performance, challenging other memecoins in the face of all its stabilization and growth.
This dizzying rise of MEW has led its market capitalization to impressively approach US$541.734.406, positioning it as the 146th cryptocurrency in terms of market value, according to the latest analysis.
At the time of publication, the MEW price was quoted at US$0,006017 with an increase of 11.5% in the last 24 hours and 57.2% in the last 7 days. Memecoin's last 24-hour trading volume was $239.535.985.
All meme cryptocurrencies ranked higher than MEW by market capitalization are seeing pullbacks in their price, with BONK and Dogwifhat (WIF) leading the losses by falling more than 14% in the last day.
It is worth remembering that the MEW memecoin presented astronomical highs in the last days. MEW's performance is even more impressive when we consider its recent introduction to the market. Launched less than a month ago, the coin has already managed to capture the attention and investment of several big names in the crypto scene. Among them, Arthur Hayes, co-founder of BitMEX, was full of praise for MEW's potential in his X account, highlighting it as an emerging force in the sector.
