Memecoins are the most popular story of the primary quarter of 2024, with dog-inspired tokens main the best way. Nevertheless, one memecoin has jumped to the rooftops and made everybody hear it meow.
Cat in a canines world (MEW) is a brand new participant on the memecoin market, which has been out of the marketplace for lower than a month. On this brief time, the token has left its secret behind and entered the highest ten memecoins based mostly on market capitalization.”
From the rooftops to the ocean
The memecoin bought off to a exceptional begin, rising 267.54% throughout its first week. Nevertheless, MEW shouldn’t be resistant to the crypto market’s dynamics as its rally has been slowed by the second quarter corrections.
Throughout the newest Bitcoin correction, MEW skilled a value drop of over 52%, going from buying and selling at $0.00402 to $0.00189 over the weekend, as proven within the chart beneath. A whale didn’t miss the chance to benefit from the dip and acquired 479.6 million MEW on Sunday.
MEW's perfomance adopted Bitcoin's actions intently through the value correction. Supply: Coingecko
In keeping with Lookonchain data, a whale raised 10,438 SOL, price about $1.54 million, from Binance to purchase MEW. The whale purchased the cat-themed token for a mean value of $0.0032, doubling its funding in 48 hours.
On the time of writing, the whale is price $3.12 million and has made a revenue of greater than $1.56 million. Moreover, after the primary whale commerce, the token’s value started to get better from the drop, rising greater than 119% from its weekend low as Monday started.
Main inventory change itemizing stimulates the Memecoin
MEW continued its upward trajectory after itemizing on one of many largest crypto exchanges by quantity. On Monday, OKX introduced the itemizing of the favored token dogwifhat (WIF) and cat in a canines world.
Following the announcement, the cat-themed memecoin’s value rose 38.22% earlier than returning to the $0.00450 assist zone on the finish of the day. Nonetheless, MEW stole WIF’s hat because the dog-themed sensation registered a 15.2% drop over the previous 24 hours.
New mocking record 📢 $ MEOW @Mewsworld And $WIF @dogwifcoin will likely be talked about on #OKX!
▶ Deposits: OPEN 🟢
📈 $ MEOW Spot buying and selling: 8:00 AM April 15 (UTC)
📈 $WIF Spot buying and selling: 9:00 AM April 15 (UTC)Extra: https://t.co/zCnI8TDmnQ pic.twitter.com/OJffIqMGAt
— OKX (@okx) April 15, 2024
The recognition of cat-inspired tokens has elevated all through the primary quarter of 2024. A number of cat memecoin launches provided buyers big positive aspects through the early days of the second quarter. Regardless of many of those positive aspects being pushed by the Solana memecoin frenzy, it seems that MEW is holding on stronger than others among the many clowder.
As Tuesday started, the token started to rise once more, rising 21.3% in only one hour. MEW’s market exercise additionally rose 17.7% over the previous day, with a every day buying and selling quantity of $227.6 million.
Likewise, the token has turn out to be a sizzling matter, in keeping with CoinMarketCap knowledge. In an X afterthe crypto knowledge platform revealed that MEW ranked third as essentially the most talked about token in its CMC neighborhood.
Cat in a canines world is buying and selling at $0.00634 on the time of writing, up 14.9% from yesterday’s value. Regardless of being 38.3% off its all-time excessive (ATH) of $0.00971, MEW is registering a 60% achieve within the weekly time-frame.
MEW's efficiency within the three-day chart. Supply: MEWUSDT on TradingView
Featured picture from Unsplash.com, chart from TradingView.com
Disclaimer: The article is for academic functions solely. It doesn’t characterize NewsBTC’s views on shopping for, promoting or holding investments and naturally investing entails dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use the data on this web site solely at your personal threat.
