The crypto market has recently been dominated by an unusual cat-themed meme coin, MEW, which has seen an impressive rise of over 100% in the past week. Created on the Solana blockchain in early 2024, MEW continues to escalate in value daily, temporarily shifting attention away from other popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
How Much is MEW Worth?
Currently, MEW’s market capitalization stands at approximately $741.5 million, ranking it 9th among meme coins. Coinmarketcap data indicates that its 24-hour trading volume has surpassed $250 million. As of the latest update, MEW is trading at $0.008334 after an 8% rise in the last 24 hours and a 100% increase over the past seven days.
Why Is MEW Rising So Fast?
The ongoing interest in MEW goes beyond its novelty. Developers have declared a “global cat season,” speculating that cat-themed meme coins will outperform their dog-themed counterparts. Recent data supports this, with MEW outpacing other meme coins like Dogecoin, Shiba Inu, and Floki in performance.
Concrete Insights for Investors
Investors should consider the following actionable insights:
- MEW’s collaborations with projects like Pixelverse increase its visibility.
- Significant trading volume indicates strong market interest.
- Crypto exchange listings and promotional activities are critical for its growth.
- Speculative interest and rumors of paid promotions may affect stability.
On July 22, MEW’s trading volume exceeded $2.07 billion, pushing it to the 6th position in trading volume rankings. However, this surge came with allegations of undisclosed paid promotions involving key influencers, which could lead to federal investigations.