In Q1 2024, memecoins have gained significant attention, with dog-themed tokens taking the lead. Among them, one particular memecoin has made a noticeable noise, meowing loudly to gain everyone’s attention.
A newcomer to the memecoin scene, Cat in a Dog’s World (MEW), was launched merely a month ago. Despite its brief existence, this feline token has managed to distance itself from the pack and take its place among the leading ten memecoins based on market capitalization.
From The Roofs To The Ocean
The memcoin experienced an impressive beginning, surging by 267.54% in just its first week. Yet, just like other cryptocurrencies, MEW‘s price surge has been affected by the market adjustments in Q2, causing a deceleration in its growth.
In the recent Bitcoin market downturn, MyEtherWallet (MEW) suffered a significant price decrease of more than 52%. The cryptocurrency plummeted from a trading value of $0.00402 to an all-time low of $0.00189 during the weekend, as depicted in the chart below. Seizing the opportunity presented by this decline, a major investor (referred to as a “whale”) purchased approximately 479.6 million MEW on Sunday.
Based on Lookonchain’s information, a large investor transferred 10,438 Solana (SOL) tokens, equivalent to approximately $1.54 million, from Binance for purchasing MEW. The investor, referred to as a whale, bought the cat-themed token at an average cost of $0.0032 each. This investment was then doubled within just 48 hours.
Currently, the value of the whale’s assets stands at approximately $3.12 million. This represents a gain of more than $1.56 million. Notably, following the initial significant transaction by the whale, the token price rebounded strongly. It increased by over 119% from its weekend low as the week began on Monday.
Major Exchange Listing Boosts The Memecoin
After being added to one of the busiest crypto markets, MEW experienced further growth on Monday. OKX made an announcement about the listing of the well-liked tokens, dogwifhat (WIF) and cat in a dog’s world.
Following the announcement, the price of the memcoin with a cat theme experienced a significant increase of 38.22%, only to later pull back and rest at the support level of $0.00450 by day’s end. However, MEW outperformed WIF in the past 24 hours, as the dog-themed memcoin saw a decline of 15.2%.
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)
— OKX (@okx) April 15, 2024
In the first quarter of 2024, there was a surge in demand for cat-themed cryptocurrencies. Many new cat meme coins were introduced during the early days of the second quarter, bringing significant profits to investors. Although much of this growth can be attributed to the Solana memecoin craze, it seems that MEW is holding its ground more effectively among these feline-themed coins.
On the morning of Tuesday, the token experienced a significant surge, increasing by 21.3% within an hour. Similarly, there was a notable uptick in market activity for MEW, which saw a 17.7% rise over the past day. The daily trading volume for this cryptocurrency reached an impressive $227.6 million.
Just like the token is currently a popular subject based on CoinMarketCap statistics, MyEtherWallet (MEW) has been identified as the third most frequently discussed token within CoinMarketCap’s online community, as reported in a recent post.
The price of Cat in a Dog’s World is currently at $0.00634, representing a 14.9% increase from the previous day. However, this is still a 38.3% decrease from its record high of $0.00971. On the positive side, MyEtherWallet (MEW) has experienced a significant 60% rise in the past week.
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2024-04-17 00:04