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 (SHIB) seem to have temporarily lost the spotlight in the meme coin world.
How Much is MEW Worth?
As of the time of writing, MEW’s market cap has exceeded 700 million dollars and stands at 741.5 million dollars. Among meme coins, it ranks 9th in terms of market value. According to Coinmarketcap data, the cryptocurrency’s 24-hour trading volume is over 250 million dollars.
As of the time of writing, after an 8% rise in the last 24 hours and a 100% rise in the last 7 days, MEW is trading at 0.008334 dollars.
The Future of MEW
It is stated that the interest and upward trend in MEW is not just due to its popularity. During the period declared as “global cat season” by developers, cat-themed meme coins are expected to perform better than dog-themed meme coins.
According to data released this week, MEW’s performance has surpassed other dog-themed meme coins like Dogecoin, Shiba Inu, Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI), which seems to justify the developers’ claims for now.
On the other hand, partnerships have also had a significant impact on MEW’s growth. One of the recent collaborations with Pixelverse, a notable Web3 gaming project, included adding MEW’s logo (a stylized white cat) to Pixelverse’s Telegram stickers, contributing to the project’s visibility. Additionally, crypto exchange listings and promotional activities have also played a crucial role.
On July 22, MEW’s trading volume exceeded 2.07 billion dollars, highlighting significant speculative interest in the market, and MEW climbed to the 6th position in trading volume rankings.
However, this price surge also brought 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.
