Memecoins have been the most popular narrative of Q1 2024, with dog-inspired tokens leading the pack. However, one memecoin has been jumping on the roofs and assuring everybody hears it meow.
Cat in a dogs world (MEW) is a new player in the memecoin market, having been out for less than a month. In this short time, the token has left its clowder behind and joined the high ranks of the top ten memecoins by market capitalization.`
From The Roofs To The Ocean
The memecoin started remarkably, with a 267.54% growth during its first week. However, MEW is not immune to the crypto market dynamics, as its rally has slowed down with the corrections of Q2.
During the latest Bitcoin correction, MEW experienced a price drop of over 52%, going from trading at $0.00402 to as low as $0.00189 over the weekend, as seen in the chart below. A whale didn’t miss the chance to profit from the dip and bought 479.6 million MEW on Sunday.
MEW's perfomance followed Bitcoin's movements closely during the price correction. Source: Coingecko
According to Lookonchain data, a whale withdrew 10,438 SOL, worth around $1.54 million, from Binance to buy MEW. The whale bought the cat-themed token at an average price of $0.0032, doubling its investment in 48 hours.
At the time of this writing, the whale’s holdings are worth $3.12 million, and it has made over $1.56 million in profits. Moreover, after the first whale transaction, the token’s price began to recover from the drop, surging over 119% from its lowest point during the weekend as Monday started.
Major Exchange Listing Boosts The Memecoin
MEW continued its upward trajectory after being listed on one of the largest crypto exchanges by volume. On Monday, OKX announced the listing of popular token dogwifhat (WIF) and cat in a dogs world.
After the announcement, the cat-themed memecoin’s price surged 38.22% before retracing to the support zone of $0.00450 as the day closed. Nonetheless, MEW stole WIF’s hat, as the dog-themed sensation registered a 15.2% drop in the last 24 hours.
New Spot Listing 📢 $MEW @Mewsworld and $WIF @dogwifcoin will be listed on #OKX!
▶ Deposits: OPEN 🟢
📈 $MEW Spot trading: 8:00 am Apr 15 (UTC)
📈 $WIF Spot trading: 9:00 am Apr 15 (UTC)More: https://t.co/zCnI8TDmnQ pic.twitter.com/OJffIqMGAt
— OKX (@okx) April 15, 2024
The popularity of feline-inspired tokens has increased throughout 2024’s Q1. Several cat memecoins launches offered massive gains to investors during the first days of Q2. Despite many of those gains being driven by the Solana memecoin frenzy, it appears that MEW holds stronger than others among the clowder.
As Tuesday started, the token began to soar again, skyrocketing 21.3% in just one hour. MEW’s market activity also rose 17.7% in the past day, with a daily trading volume of $227.6 million.
Similarly, the token has become a hot topic, according to CoinMarketCap data. In an X post, the crypto data platform revealed that MEW was third as the most mentioned token in its CMC community.
Cat in a dogs world is trading at $0.00634 at writing time, jumping 14.9% from yesterday’s price. Despite being 38.3% down from its all-time high (ATH) of $0.00971, MEW registers a 60% surge in the weekly timeframe.
MEW's performance in the three-day chart. Source: MEWUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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