TL;DR
The cryptocurrency market has recently suffered heavy losses, with major assets experiencing significant declines.Despite the downturn, there is one meme coin that saw a dramatic increase, surging 800% in a week after being launched on PancakeSwap and receiving backing from Crypto.com.The cryptocurrency sector recently erased much of the gains recorded in the last few months, with its global market capitalization plunging to as low as $2.2 billion. The leading digital assets – Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), and many more – are deep in the red on a 7-day scale.
The bloodbath in the meme coin is even more severe. Dogecoin (DOGE) is down 22% weekly, while dogwifhat (WIF) and Floki Inu (FLOKI) have lost nearly 30% of their valuations for the same period.
However, one asset of that type stands well in the green amid the grim reality, and its name is Crow With Knife (CAW).
The meme coin saw the light of day in mid-March, but its price started rallying by the end of last month. It is up almost 50% on a 24-hour scale and a whopping 800% weekly. In addition, its market capitalization surpassed the $100 million mark.
CAW Price, Source: CoinGeckoCAW’s latest price explosion coincides with the asset’s launch on the decentralized exchange PancakeSwap. Previously, it received support from the popular cryptocurrency platform Crypto.com, which opened trading services with it.
Other meme coins that have turned into sensations in the past several months include dogwifhat (WIF), Bonk Inu (BONK), BOOK OF MEME (BOME), and more. Interestingly, they are all built on the Solana blockchain, whereas CAW is a token part of the Cronos ecosystem.
The rapid price movements in the meme coin sector as of late are yet another example of the cohort’s infamous volatility. If you are about to jump on the bandwagon, please check our dedicated video to protect yourself from some common mistakes: