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The project that dominated the crypto market in the past week was an unusual cat-themed meme coin. This meme coin, which saw an increase of over 100% in the last seven days, was none other than MEW. Created on the Solana blockchain in the first quarter of 2024, MEW continues to multiply its value day by day. Dogecoin (DOGE) and Shiba Inu’s (SHIB) dominance in the meme coin world seems to have been temporarily overshadowed.
What is MEW’s Current Value?
As of the time of writing, MEW’s market cap has exceeded $700 million, reaching $741.5 million. It ranks 9th among meme coins in terms of market value. According to Coinmarketcap data, the cryptocurrency’s 24-hour trading volume is over $250 million.
At the time of writing, MEW is trading at $0.008334 after an 8% increase in the last 24 hours and a 100% increase in the last 7 days.
The Future of MEW
The interest and upward trend in MEW are said to be more than just a popularity phase. Developers have declared a “global cat season,” suggesting that cat-themed meme coins will outperform dog-themed meme coins.
Recent data shows that MEW’s performance has surpassed other dog-themed meme coins like Dogecoin, Shiba Inu, Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI), seemingly justifying the developers’ claims for now.
Additionally, partnerships have significantly impacted MEW’s growth. In a recent collaboration with Pixelverse, a notable Web3 gaming project, MEW’s logo (a stylized white cat) was added to Pixelverse’s Telegram stickers, contributing to the project’s visibility. Moreover, crypto exchange listings and promotional activities have also had a significant impact.
On July 22, MEW’s trading volume surpassed $2.07 billion, highlighting significant speculative interest and propelling MEW to the 6th position in trading volume rankings.
However, this price increase brought along rumors. A Twitter account named “cex offender” made significant allegations about undisclosed paid promotions involving key opinion leaders (KOLs).
Cex Offender made the following statement:
Insiders were told before the launch and offered $250,000 USDC to many of your favorite influencers, but they did not disclose the payments. From what I hear, many of these influencers will be under federal investigation.
