Memecoins
Cat-themed MEW coin surges 85%, faces accusations
The cryptocurrency market is currently witnessing the meteoric rise of the “cat in a dog world” (MEW), which has surged by more than 85% in the last seven days. Launched earlier this year on the Solana blockchain, MEW is rapidly climbing the popularity ladder.
Its aim is to challenge the traditionally dog-dominated meme coin scene, led by Dogecoin (DOGE) and Shiba Inu (SHIB).
MEW surpasses top 10 meme coins
Currently, MEW ranks tenth in terms of market capitalization among Meme Coinswith a market cap of $692 million. According to CoinGecko, the coin’s trading volume has surpassed $250 million. At the time of writing, MEW was trading at $0.007781, registering a 5.7% increase in 24 hours.
MEW’s rise in popularity isn’t just due to its endearing branding. The developers have declared This period is “global cat season,” anticipating that cat-themed meme pieces will outperform their canine counterparts.
Learn more: 7 Popular Coins and Altcoins in 2024
Therefore, MEW’s performance has already started to eclipse other dog-themed meme coins including Dogecoin, Shiba Inu, Dog Hat (WIF), Bonk (BONK)And Floki (FLOKI).
Top 10 Meme Coins by Market Cap. Source: CoinGecko
Additionally, recent collaborations have boosted MEW’s growth. A notable partnership with Web3 gaming project Pixelverse introduced MEW’s logo, a stylized white cat, to Pixelverse’s Telegram stickers, significantly increasing its visibility. Additionally, there are more cryptocurrency exchange listings and promotions activities.
On July 22, MEW’s trading volume has skyrocketed to $2.07 billion, reflecting substantial speculative interest and propelling it to sixth place in the cryptocurrency trading volume rankings.
Learn more: How to Buy Solana Meme Coins: A Step-by-Step Guide
This explosive growth, however, is overshadowed by serious allegations of unethical practices. A pseudonymous account known as “cex offender” on X (Twitter) has raised the alarm about undisclosed paid promotions involving key opinion leaders (KOLs).
“Insiders were briefed before launch and offered $250,000 to several of your favorite influencers to post fake posts but not disclose that they were paid. What I hear is that many of these influencers will be under federal investigation,” one cex offender said. said.
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