The Solana SOL/USD-based coin swelled 81% in the last week, emerging as the market's best performer.
Cat-themed meme coin MEW/USD (mew) dwarfed the broader cryptocurrency market with massive gains over the past week.
What Happened: The Solana (SOL)-based coin surged 81% in the last week to emerge as the market's best performer. The asset was quickly approaching its peak of $0.00915, hit during the market’s upswing in March.
The rally went against the broader downturn in the memecoin market, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) slipping this week. It also outperformed market heavyweight Bitcoin (BTC), which slipped this week.
Solana sol also gained 7% over the week. With the listing of Ethereum (ETH) spot ETFs, the focus has shifted to Solana, with $30+ billion global investment firm Franklin Templeton highlighting the asset's capabilities.
Why It Matters: Cryptocurrency influencer Gerhard, who runs the Bitcoin Strategy Youtube Channel, highlighted that MEW's continuing rally is being fueled by the entry of first-time traders, indicating a growing investor base.
Further, the trader noted that small retail investors, i.e., wallets with less than $1,000 of the token, drove the bulk of MEW's trading volume, citing on-chain data.
While the rally is impressive, it is 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, down 8% over the last 24 hours, according to CoinMarketCap.
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