Memecoins have been the hottest narrative of Q1 2024, with dog-inspired tokens main the pack. Nonetheless, one memecoin has been leaping on the roofs and assuring everyone hears it meow.
Cat in a canines world (MEW) is a brand new participant within the memecoin market, having been out for lower than a month. On 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. Nonetheless, MEW just isn’t proof against the crypto market dynamics, as its rally has slowed down with the corrections of Q2.
In the course of the newest 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 prospect to revenue from the dip and acquired 479.6 million MEW on Sunday.
MEW's perfomance adopted Bitcoin's actions carefully through the value correction. Supply: Coingecko
In keeping with Lookonchain knowledge, 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.
On the time of this writing, the whale’s holdings are value $3.12 million, and it has remodeled $1.56 million in earnings. Furthermore, after the primary whale transaction, the token’s value started to get well from the drop, surging over 119% from its lowest level through the weekend as Monday began.
Main Alternate Itemizing 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 canines 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.
New Spot Itemizing 📢 $MEW @Mewsworld and $WIF @dogwifcoin shall be listed on #OKX!
▶ Deposits: OPEN 🟢
📈 $MEW Spot buying and selling: 8:00 am Apr 15 (UTC)
📈 $WIF Spot buying and selling: 9:00 am Apr 15 (UTC)Extra: https://t.co/zCnI8TDmnQ pic.twitter.com/OJffIqMGAt
— OKX (@okx) April 15, 2024
The recognition of feline-inspired tokens has elevated all through 2024’s Q1. A number of cat memecoins launches supplied huge positive factors to traders through the first days of Q2. Regardless of lots of these positive factors 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 every day buying and selling quantity of $227.6 million.
Equally, the token has grow to be a sizzling matter, in line with CoinMarketCap knowledge. In an X put up, the crypto knowledge platform revealed that MEW was third as probably the most talked about token in its CMC group.
Cat in a canines world is buying and selling at $0.00634 at writing time, leaping 14.9% from yesterday’s value. Regardless of being 38.3% down from its all-time excessive (ATH) of $0.00971, MEW registers a 60% surge within the weekly timeframe.
MEW's efficiency within the three-day chart. Supply: MEWUSDT on TradingView
Featured Picture from Unsplash.com, Chart from TradingView.com
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