The crypto sector suffered a significant setback in the past few days, with leading digital assets such as Bitcoin (BTC) and Ethereum (ETH) plunging to multi-week lows. While the market recovered some of the losses in the last several hours, most cryptocurrencies remain in red territory on a 24-hour scale.
However, there are some exceptions, and one example is the newly launched Solana-based meme coin Cats in a Dogs World (MEW).
The token’s price has surged by over 40% in the last 24 hours, whereas its market capitalization neared the $800 million mark. Currently, MEW is the 131st biggest cryptocurrency (per CoinGecko’s data), a serious achievement considering the fact that it saw the light of day a week ago.
The token made the headlines last weekend when it reached an all-time high price. Its rally was accompanied by support from BitMEX’s co-founder Arthur Hayes, who highlighted MEW’s impressive performance on his X profile.
Earlier this week, the popular entrepreneur and crypto analyst – Lark Davis – revealed the case of a mysterious trader who turned $35,000 into a staggering $44 million by dealing with the asset.
Another Solana-based meme coin that helped savvy investors make multi-million profits is dogwifhat (WIF). As CryptoPotatoreported last month, an individual purchased approximately 2.5 million WIF tokens at the end of 2023, spending just $310. Currently, the stash is worth more than $10 million.
Trading meme coins during the bull market may appear like an attractive investment opportunity, but it could also lead to devastating losses due to their notorious volatility. If you are about to hop on the bandwagon, please take a look at our dedicated video below to avoid some common mistakes related to the matter:
