Markets
MEW surges 16%, becoming the top gainer in the cryptocurrency market today
MEW, the Solana-based meme coin known as “the cat in the dog world,” has seen a remarkable surge of over 16% in the past 24 hours, becoming the top rising cryptocurrency on July 24.
As of this writing, the cat-themed meme depicts a cat in a world of dogs (MEOWING) was still up 11%, trading at $0.0081 per price data from crypto.news. The cryptocurrency’s market capitalization had risen to $726 million, making it the 94th largest cryptocurrency.
MEW Price Data | Source: TradingView
Additionally, the meme coin’s daily trading volume dropped by 16% to around $250 million, suggesting that MEW investors are optimistic about its potential rise and prefer to hold their positions rather than sell.
The latest price increase in MEW follows a July 23 post by WhiteBIT, one of the largest centralized cryptocurrency exchanges in Europe from Ukraine, revealed who had listed the meme coin.
Just one day earlier, the exchange had also taken place announced a bounty program that would see the top 250 participants rewarded with a prize pool of 6 million MEW tokens.
MEW was initially launched on the Raydium exchange, benefiting from a 10% airdrop to the Solana community on March 26. The launch was met with immediate excitement, driven by Solana hype and the coin’s engaging “Cat in a Dogs World” theme. Within just three hours of launch, MEW’s trading volume had surged to $150 million.
Cat-themed tokens as a whole are valued at $2.7 billion after an expansion in recent weeks. Popcat (Pop cat), another cat-themed meme coin on Solana, surged 12% on July 24, trading at $0.8155 at press time.
MEW’s surge also comes at a time when the global cryptocurrency market is experiencing a slight decline, sitting at $2.39 trillion. Even Bitcoin, the pioneering cryptocurrency, is down 1.13%, trading at $658,876 at the time of publication.