$MEW Becomes Latest Solana Meme Coin to Steal the Show, Surging 440% in One Week

KEY TAKEAWAYS

  • MEW, a new Solana-based meme coin themed around cats, has outperformed established dog-themed tokens with a 440% increase in value over the past week.
  • The coin's unique positioning as the "cat in a dog's world" and its mission to dethrone dog coins have captivated investors, contributing to its surging popularity.
  • Aside from MEW, some other meme coins have also registered notable gains despite broader market downturns, including a notable Bitcoin crash.
  • Meanwhile, BNB Smart Chain aims to tap into the meme coin craze by offering $1 million in rewards to eligible developers who deploy their memecoin projects on the network.

‘Cat in a dogs world’ (MEW) has become the new star of Solana‘s red-hot meme coin ecosystem. It has recently dominated the meme coin space, outperforming more well-established players in the space and stealing the light from dog-themed tokens.

The cryptocurrency is currently trading at $0.008368, up by more than 36% over the past day. Furthermore, it is up by an eye-watering 440% over the past week, according to data from CoinMarketCap.

MEW’s rising price has also pushed the token among the top 215 cryptocurrencies by market capitalization, currently boasting a market value of around $746 million. Currently, it is the ninth largest meme coin in the market.

Why is MEW Surging?

MEW coin, launched on March 26, 2024, has gained notable traction thanks to the excitement surrounding its host blockchain, Solana. Moreover, the meme coin, brandishing a cat theme, stands out as the sole feline champion in an arena typically dominated by canine-inspired tokens.

MEW has meticulously crafted its brand to resonate with the meme coin community, drawing inspiration from the likes of Baby Doge Coin and Dogelon Mars, while weaving in cultural nods to internet phenomena like Pepe.

The project’s motto, “For too long, dogs have ruled the world. It’s the dawn of a new era,” boldly announces its mission to overthrow the reigning dog coins and crown cats as the new monarchs of the meme coin kingdom.

Dubbed “the cat in a dog’s world,” MEW has swiftly garnered significant attention and admiration from investors, reflected in its stellar market performance.

In terms of tokenomics, MEW boasts a total supply of 88 billion tokens. It has dedicated 90% to its burn liquidity pool and earmarks 10% for airdrops to the Solana community.

The coin’s ambitious roadmap expects MEW to become the premier cat-themed coin to hit a billion-dollar market cap, overtaking giants like Floki and Pepe, and asserting its dominance in the meme coin universe.

Adding to the buzz, unconfirmed reports suggest that top-tier exchanges are considering listing MEW coin, amplifying its appeal among traders. A number of other smaller exchanges, including Gate.io, HTX, and CoinEX have already listed the token.

Meme Coins Resume Rally Despite Bitcoin Crash

On Tuesday, Bitcoin (BTC) faced selling pressure during Asian trading hours after upbeat U.S. factory data lifted the Dollar Index (DXY) to the highest since mid-November.

The leading cryptocurrency by market dropped to as low as $64,559 in a bearish resolution of the recent week-long consolidation between $68,000 and $72,000, CoinMarketCap data shows. The broader crypto market nursed losses, with Ethereum and Solana registering more significant losses.

However, despite the market dip, some meme coins managed to register notable gains. For one, Solana-based PLERF gained more than 100% in a rally that saw the meme coin surpass its previous all-time high.

Jake The Dog (JAKE) is another meme coin that has performed well over the past day. The cryptocurrency has surged by more than 22%, defying market expectations. Other major meme coins are largely flat over the past day.

BNB Smart Chain Jumps on Meme Coin Craze

As the popularity of meme tokens continues to soar, BNB Smart Chain has announced a Meme Innovation Campaign in a bid to attract meme coin developers.

In a recent post on X, the network revealed that it is setting aside up to $1 million to reward eligible developers who deploy their memecoin projects on the network. The initiative is part of BNB Smart Chain’s efforts to foster the growth of the memecoin landscape within its ecosystem.

Developers interested in participating can apply for the “Meme Innovation Campaign” and deploy their tokens on the network during the campaign period, which will run from April 10 to May 9.

While the competition may seem straightforward, meeting the requirements can be challenging. Memecoins must achieve a minimum trading volume of $2 billion to qualify for the lowest reward tier. Those with over $30 billion in trading volume have a chance to win the $1 million prize.

Additionally, participants must fulfill other eligibility criteria, including completing at least one security audit and open-sourcing the project on BNB Smart Chain’s blockchain explorer, BscScan. The project must also have more than 1,000 valid new token holders and maintain a presence on social media platforms such as Telegram and Discord.

The Bottom Line

MEW has emerged as a shining star within the Solana ecosystem despite a backdrop of broader market downturns and Bitcoin’s recent slump. Its unique cat-themed branding and strategic market positioning have allowed it to outshine traditional dog-themed tokens, capturing the imagination and wallets of investors.

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