The cryptocurrency world this week witnessed a meteoric rise for a rather unorthodox meme coin: MEW, or “Cat in a Dogs World.” While dog-themed meme coins dominated the market, MEW stood out for its cat vibe, breaking $0.01 and triggering a potential “cat season.” Here are the details…
Investors made a profit with the new meme coin
cryptokoin.com As we reported, MEW was on our agenda yesterday with its rise. An anonymous investor seems to have noticed this remarkable rise. Because by purchasing MEW, they turned an investment of $ 35,000 into a staggering figure of $ 8.9 million, that is, 255 times profit, in just two hours. This incredible story, highlighted by blockchain data tracker Lookonchain, is just one example of the frenzy surrounding MEW. Later, with MEW rising to $0.01, the investor made a profit of 1.267x.
MEW’s name is a playful reference to the current meme coin landscape, where dog-themed tokens like Dogecoin and Shiba Inu reign supreme. This narrative has resonated throughout the crypto community, with prominent figures such as Arthur Hayes openly acknowledging MEW purchases. However, the white cat faces a formidable enemy. According to CoinGecko, dog-themed meme coins have a massive total market cap of around $59 billion, dwarfing the $1.9 billion market cap of cat-themed tokens. That’s a staggering 3,000% advantage for canine competitors.
Is “cat season” coming?
Despite this difficult struggle, MEW’s success may herald a “cat season”. DEX Screener, a decentralized exchange aggregator, reveals a surprising trend: six of the twenty most popular tokens created on Solana in the last 24 hours are cat-themed. This data points to a potential shift in investor sentiment as the feline meme coin comes into the spotlight. The question remains: Can MEW dethrone the dog-dominated meme coin market?
While the future remains uncertain, one thing is clear… MEW’s astronomical rise has led to a fascinating battle in the cryptocurrency space. This rise in MEW’s popularity also raises important questions regarding the inherent volatility of meme coins. While some investors may reap life-changing rewards, others may face significant losses. It is important to note that meme coins are often driven by hype and speculation, making them a high-risk investment. Because MEW is experiencing a 2 percent decrease at the time of writing. However, its 7-day rise is over 330 percent.
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