Memecoins have been the most well-liked narrative of Q1 2024, with dog-inspired tokens main the pack. However, one memecoin has been leaping on the roofs and assuring everyone hears it meow.
Cat in a dogs world (MEW) is a brand new participant within the memecoin market, having been out for lower than a month. In this brief time, the token has left its clowder behind and joined the excessive ranks of the highest ten memecoins by market capitalization.`
From The Roofs To The Ocean
The memecoin began remarkably, with a 267.54% progress throughout its first week. However, MEW just isn’t resistant to the crypto market dynamics, as its rally has slowed down with the corrections of Q2.
During the latest Bitcoin correction, MEW skilled a value drop of over 52%, going from buying and selling at $0.00402 to as little as $0.00189 over the weekend, as seen within the chart under. A whale didn’t miss the possibility to revenue from the dip and purchased 479.6 million MEW on Sunday.
According to Lookonchain information, a whale withdrew 10,438 SOL, value round $1.54 million, from Binance to purchase MEW. The whale purchased the cat-themed token at a mean value of $0.0032, doubling its funding in 48 hours.
At the time of this writing, the whale’s holdings are value $3.12 million, and it has remodeled $1.56 million in earnings. Moreover, after the primary whale transaction, the token’s value started to recuperate from the drop, surging over 119% from its lowest level through the weekend as Monday began.
Major Exchange Listing Boosts The Memecoin
MEW continued its upward trajectory after being listed on one of many largest crypto exchanges by quantity. On Monday, OKX introduced the itemizing of well-liked token dogwifhat (WIF) and cat in a dogs world.
After the announcement, the cat-themed memecoin’s value surged 38.22% earlier than retracing to the assist zone of $0.00450 because the day closed. Nonetheless, MEW stole WIF’s hat, because the dog-themed sensation registered a 15.2% drop within the final 24 hours.
The recognition of feline-inspired tokens has elevated all through 2024’s Q1. Several cat memecoins launches provided huge beneficial properties to traders through the first days of Q2. Despite lots of these beneficial properties being pushed by the Solana memecoin frenzy, it seems that MEW holds stronger than others among the many clowder.
As Tuesday began, the token started to soar once more, skyrocketing 21.3% in only one hour. MEW’s market exercise additionally rose 17.7% prior to now day, with a day by day buying and selling quantity of $227.6 million.
Similarly, the token has develop into a scorching matter, in keeping with CoinMarketCap information. In an X publish, the crypto information platform revealed that MEW was third as essentially the most talked about token in its CMC group.
Cat in a dogs world is buying and selling at $0.00634 at writing time, leaping 14.9% from yesterday’s value. Despite being 38.3% down from its all-time excessive (ATH) of $0.00971, MEW registers a 60% surge within the weekly timeframe.
