In the memecoin market, POPCAT and Cats in a Dog World (MEW) have emerged as standout assets over the past 24 hours, though their performances have diverged significantly.
Despite having a smaller market capitalization than POPCAT, MEW has registered a more substantial hike in value over the past week.
Daily and Weekly Trends
The memecoin sector has been particularly active, with POPCAT initially leading with gains of over 6%. However, MEW outpaced it with an impressive hike of over 8%, making it the top gainer among memecoins for the day.
Looking at a broader timeframe, MEW’s seven-day performance has been even more striking. It dominated the top 20 memecoin assets, boasting a remarkable 65% hike over the week, far outstripping other assets in its category. In comparison, Dogecoin (DOGE), another prominent player, saw a modest increase of just 7%.
Market Capitalization and Trading Volumes
At the time of writing, MEW’s market capitalization was just below that of POPCAT, with the latter at around $898 million and MEW at approximately $718 million. The sustained higher growth rate of MEW suggests a potential shift in the rankings within the memecoin market.
An analysis of trading volumes revealed a marked difference in market activity, with MEW commanding significantly higher volumes. MEW’s trading volume was over $185 million, rising to over $200 million during the previous trading session, indicating strong market interest and activity. In contrast, POPCAT’s trading volume was considerably lower, standing at around $65 million, less than half of MEW’s volume.
Price Fluctuations and Resilience
Over the past week, MEW has exhibited dramatic fluctuations. The week began with a significant surge of 38.61%, boosting its price from approximately $0.005 to $0.007. Despite a subsequent 9% decline, MEW showed resilience, trading at around $0.008 again, supported by a 5% hike.
Conversely, POPCAT had a more challenging start to the week, with its price falling by over 12% in the first two days. However, it managed a significant recovery by the end of trade on July 26, with an almost 15% hike, bringing its price to around $0.9. This recovery marked only the second hike for POPCAT in the last seven days.
Future Prospects
Should the current trends continue, MEW might close the gap and potentially surpass POPCAT in market valuation. The higher trading volumes and sustained growth rate of MEW indicate strong market interest, which could drive further gains.
