Solana-based cat in a dogs world (MEW) memecoin gets a foot in the door amid market recovery. Discovering how the token rallied to become a weekly top gainer after the WhiteBIT listing.
While memecoins have been widely popular for a long time, their showtime came recently – only in 2024. Long-standing Dogecoin (DOGE) or Pepe (PEPE) have been sharing investor interest with booming newcomers such as dogwifhat (WIF) or Brett (BRETT).
Now a new player has come into the spotlight. Cat in a Dogs World (MEW), a Solana-based memecoin, surprisingly led the market sentiment and skyrocketed 130% the previous weekend, incenting major attention from investors and institutions.
What drives MEW, and what defines its significance – below.
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TL;DR
- Cat in a Dogs World (MEW) has increased by 130% while its market capitalization indicated a 200% in just a few days.
- Reasons behind the price surge could be ETF-based interest in Solana and the staggering token’s popularity in South Korea.
- MEW’s listing on WhiteBIT and the launch of the Bounty Program are considered crucial factors of the token’s uptick. Just after the listing, MEW skyrocketed over 60% and reached its all-time high.
- On-chain metrics and market charts reveal strong bullish potential for MEW.
Korean Market Takeover Amid WhiteBIT Listing
MEW’s standout dynamics marked over a 200% increase in its market capitalization. According to CoinMarketCap data, the token’s market cap increased from roughly $350M to $738M in a matter of 3 days, beginning its uptick on July 19. In the meantime, the price has secured 125% growth.
A fair share of the memecoin’s showtime lies on Solana (SOL) as it’s gaining investors’ spotlight. Anticipations for Solana exchange-traded funds (ETFs) approval keep on heating, as the coin’s price indicated 60% growth the previous week.
Still, the reasons behind MEW’s green strike transcend its originator’s success. The token has been gaining massive interest from South Korean traders. Specifically, MEW has taken center stage at the ROK-based Bithumb crypto exchange – one of the initial markets for the cat-inspired memecoin, tracing its listing back to April.
According to CoinGecko data, a cat in a dog’s world is the third-largest trading asset on Bithumb, yielding only to Tether (USDT) and Bitcoin (BTC). On July 22, MEW even topped the list and was traded more than Bitcoin (BTC), Solana (SOL), Ripple (XRP), and other profound assets.
$mew has highest volume on bithumb in Korea in the past 24h, even more than bitcoin
that's all you need to know about this catcoin pic.twitter.com/KndtAwDQQG
— juicehead.sui (DIEM) (@timohoppe06) July 22, 2024
The tendency is outlying for South Korean markets, as ROK exchanges have been prone to conservatism in terms of the memecoins. Hence the memetoken’s volume has been mostly generated by long-standing projects, i.e. Pepe (PEPE) and Dogecoin (DOGE).
MEW managed to break the wheel. According to South Korean investor Joshua, the cat-inspired memecoin has been doing as much volume as all major memes combined and leading the total volume in the South Korean won (KRW) pair pool.
KRW market outlook. Source: Joshua/X
Ultimately, MEW skyrocketed following a July 23 listing on WhiteBIT – one of the largest European crypto exchanges. According to the company’s post on X, the exchange introduced the MEW/USDT pair.
Hi! @MewsWorld ($MEW) has joined our exchange!$MEW is a meme token operating on the Solana network, offering a cat's perspective on the world of meme coins.
About the project: https://t.co/DHZtqHlw2h
Project’s website: https://t.co/o4YsvChfh4$MEW/$USDT: https://t.co/K9XJcC4gn7 pic.twitter.com/i8WE0pJBad— WhiteBIT (@WhiteBit) July 23, 2024
The listing positively resonated with the community. Users heavily greeted the listing while top-tier media i.e. Cointelegraph reacted to the statements. Apart from this, MEW has seen an immediate increase after the listing, reaching an all-time high (ATH) of $0.0096.
when memecoins can not only woof but also meow@Cointelegraph @MewsWorld pic.twitter.com/doI3tjwzVg
— WhiteBIT (@WhiteBit) July 29, 2024
MEW’s spike was also followed by the introduction of the WhiteBIT’s MEW Bounty Program – an array of tasks, for completion of which 250 winners will share the 6,000,000 MEW prize pool. The list of winners is reported to be published on WhiteBIT Blog on August 26, 2024.
What is more, WhiteBIT introduced Crypto Lending for MEW at 1.5% for 30 days, which also added to the asset’s trading volume. Cryptopolitan has stressed out this initiative as a decisively positive factor for MEW that fosters the token’s holders. The asset is now becoming part of the passive income project, which is powered by blockchain capacities and decentralization.
WhiteBIT’s Crypto Lending is an instrument for passive income that allows one to make a profit by lending assets according to one of the available plans. As per the MEW, its lending’s sustainability is ensured by the integration with the Solana blockchain.
A new project-based Crypto Lending plan for $MEW supported by @MewsWorld: deposit from 7,000 to 409,000 $MEW at 1.5% for 30 days: https://t.co/mBUk0S5xCp
By the way, the Bounty Program with $MEW now has a new "Alpha Quest 3: MEW Yield" quest to earn more BITS:… pic.twitter.com/9PwrzPaI3W— WhiteBIT (@WhiteBit) July 29, 2024
What Do The Metrics Tell?
Following the massive investor interest, cat in a Dogs World (MEW) saw a sharp increase in open interest (OI). At the writing time, CoinGlass data revealed that it counted to over $95M.
Meanwhile, MEW futures open interest on exchanges also reached an all-time high of $144,24M on July 23 – WhiteBIT listing day. At the writing time, it has been oscillating between $80M and $100M throughout the week.
Cat in a Dogs World (MEW) futures open interest. Source: CoinGlass
MEW’s astonishing performance is the hallmark of the community-driven nature of cryptocurrency. While its popularity soared thanks to South Korean traders, this would not have been possible without the WhiteBIT Bounty Program and crypto lending – initiatives that opened the token for the community with a range of beneficial opportunities. This puts MEW as the prominent case in point of how the synergy of community and companies can bring a win-win.
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