- The crypto market has buzzed with excitement over the rise of the cat-themed meme coin, MEW, which surged more than 100% over the past week.
- MEW was created on the Solana blockchain in early 2024, drawing significant interest and temporarily overshadowing notable meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
- Recent developments have placed MEW at the center of discussions, with substantial gains and increased trading volume.
Discover why MEW, a cat-themed meme coin, is skyrocketing and gaining traction in the crypto market.
Surge in MEW’s Value
As of the latest reports, MEW’s market capitalization is approximately $741.5 million, placing it 9th among meme coins. Coinmarketcap data shows its 24-hour trading volume has crossed $250 million. Currently, MEW’s price is $0.008334, reflecting an 8% daily rise and a 100% increase over the week.
Factors Driving MEW’s Rapid Rise
MEW’s developers recently declared a “global cat season,” suggesting that cat-themed meme coins might surpass their dog-themed rivals. This proclamation aligns with data showing MEW outperforming Dogecoin, Shiba Inu, and Floki in recent weeks. Another driving factor is MEW’s collaborations with projects like Pixelverse, enhancing its market visibility.
Key Insights for Potential Investors
Investors should note several factors:
- Partnerships with platforms like Pixelverse bolster MEW’s profile.
- A high trading volume indicates robust market interest.
- Listings on major crypto exchanges and promotional efforts are vital for its continued growth.
- Speculative actions and potential paid promotions by influencers may influence market stability, warranting caution.
On July 22, MEW’s trading volume surged beyond $2.07 billion, catapulting it to the 6th position in trading volume rankings. Amid this rise, there are allegations of undisclosed paid promotions by key influencers, posing risks of federal investigations.
Conclusion
MEW’s recent performance has captivated the crypto market, driven by strategic partnerships, substantial trading volume, and promotional activities. However, investors must remain vigilant about the potential risks associated with speculative actions and maintain a cautious approach while navigating the volatile cryptocurrency landscape.
