MEW, the Solana-based meme coin known as “cat in a dog’s world,” has experienced a notable increase of over 16% in the past 24 hours, making it the leading gainer among cryptocurrencies on July 24. This surge in value follows a significant event involving one of the largest European centralized crypto exchanges.
MEW’s daily trading volume has dropped 16%, hovering around $250 million. This suggests that MEW investors are optimistic about its potential rise and prefer to hold their positions rather than sell.
The latest price surge in MEW follows a July 23 X post in which WhiteBIT, a major European crypto exchange from Ukraine, revealed that it had listed the meme coin.
Just a day earlier, the exchange announced a bounty program that would reward the top 250 participants from a prize pool of 6 million MEW tokens. This program likely added to the coin’s hype and valuation.
MEW was initially introduced on the Raydium exchange, benefiting from a 10% airdrop to the Solana community on March 26. The launch was met with immediate enthusiasm, driven by the Solana hype and the coin’s engaging “Cat in a Dog’s World” theme. Within just three hours of its launch, MEW’s trading volume soared to $150 million.
Cat-themed tokens as a whole are valued at $2.7 billion after an expansion in the past few weeks. Popcat (POPCAT), another cat-themed meme coin on Solana, also experienced a surge of 12% on July 24, exchanging hands at $0.8155 at press time.
MEW’s surge also comes at a time when the global crypto market is experiencing a slight drop, standing at $2.39 trillion. Bitcoin, the pioneering crypto asset, was also down 1.13%, exchanging hands at $658,876 at the time of publication.
