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MEW meme coin surges 16%, leading cryptocurrency gains on July 24.
MEW, the Solana-based meme coin tagged as the “cat in a dog world,” surprised many after posting a double-digit gain of 16% in the last 24 hours. For the time being, on July 24, the feline-themed cryptocurrency emerged at the top of all gainers in the digital asset market.
At the time of writing, MEW was trading at $0.0081 per token, up an impressive 11 percent, even though it pulled back slightly. The cryptocurrency’s market capitalization has also risen to $726 million to secure its position as the 94th largest cryptocurrency by market capitalization.
MEW trading volume drops 16% despite price surge
As the price of MEW increased to these values, the daily trading volume dropped by 16% and continued to hover at the $250 million range. This fall in trading volume could indicate that, as the price gets to these supports and resistances, the holders of MEW become very confident in this coin’s future performance, therefore beginning to hold instead of cashing out—to evince a bullish sentiment within.
One of the largest centralized crypto exchanges in Europe, WhiteBIT, headquartered in Ukraine, said in an announcement on July 23, which is behind the price surge. In a posting on X, the exchange announced it had listed MEW once again, triggering investors’ interest and excitement.
The day before, WhiteBIT announced a bounty program, all for a total of 6 million MEW tokens among the top 250 participants. This obviously caused another big wave in terms of awareness and trading activity for this meme coin.
The MEW journey started on the Raydium exchange and was announced with a 10% airdrop for the community of Solana on March 26. With such huge hype around Solana and the very unique “Cat in a Dog’s World” theme for the coin, instant interest followed this launch. In just three hours after its launch, the trading volume of MEW surged to $150 million, mirroring heaps of initial demand for the token.
Cat tokens surge ahead
It’s not just cat coins that have run up in value, but the more extensive market of cat tokens. As they combined, they amassed a valuation of $2.7 billion after a broader period of expansion over the past few weeks. Another cat_memicus meme coin on the Solana network, Popcat, went up 12% on July 24, changing hands at $0.8155 at the time of going to press.
The performance of MEW becomes even more impressive because, at the moment, the global cryptocurrency market has been trending downward. At the moment, the total market capitalization of cryptocurrencies stands at $2.39 trillion. Bitcoin, the very first and most famous cryptocurrency, plunged by 1.13 percent to trade at $658,876.
The interest that is quickly developing in MEW and other cat-themed tokens reflects the dynamism and sometimes unpredictability of the cryptocurrency market. Meme coins do generally occupy an important place within the digital asset space, being billeted to both speculator investors and enthusiasts. Most of them rely on community activity and social media hype.
As MEW continues to make waves with the entire crypto community, it will be compelling to see how market actions fare in the coming few days and weeks. With strong community backing and recent exchange listings, MEW is well positioned for further increases following recent gains and momentum in this highly competitive crypto market.
Though, at the moment, MEW’s rise is a reminder that meme coins were capable of making unbelievable gains whenever they captured the imagination of the digital currency community within such a very unpredictable and fast-moving market.
