This cat-themed meme coin hits new ATH with its market cap surpassing $1 billion

TL;DR

Meme coin MEW hit a new peak after rallying another 8% in the last 24 hours. While some predict higher growth, others warn of a potential pullback due to increased FOMO.

The bull run continues

The meme coin based on Solana Cat in a Dogs World (MEW) has been one of the rock stars of cryptocurrency lately, with its price increasing by 85% in a two-week span.

MEW price, Source: CoinGecko

Several hours ago, it hit a new all-time high of more than $0.01, while its market capitalization crossed the psychological level of $1 billion. This positioned MEW as the 82nd largest cryptocurrency and the 8th largest in the meme coin realm.

The asset started the month on the right foot, seeing a gradual increase in price until October 21. After that, things moved into another dimension, with MEW posting double-digit daily gains and climbing up the crypto ladder. One obvious reason that prompted the rally was Upbit’s decision to allow trading of services with the meme currency. As CryptoPotato reported, the largest Korean cryptocurrency exchange featured the MEW/KRW trading pair.

It’s worth mentioning that MEW isn’t the only cat-themed tab doing well in the green today (October 25). Some of the other top performers include Purr (PURR), Wen (WEN), MANEKI (MANEKI) and more. On the other hand, Popcat (POPCAT), the leading cat-related meme coin, is down 10% in the last 24 hours.

MEW Price Predictions

Several market watchers believe that the rise of the meme currency is nowhere near its end. Crypto General (an X user with over 200,000 followers) noted its “steady uptrend,” suggesting more room for growth. The analyst predicted “a parabolic move” to $0.045 in the following days.

However, some predicted a possible correction. Crypto_Jobs is among the pessimists, suggesting that increased FOMO (Fear of Missing Out) could negatively impact MEW’s valuation in the short term.

$MEW – same as $popcatI’m cutting corners here

The price is still bullish, but I think we will see a reversal soon

FOMO buyers could be a trap! #MEW #trade #crypto #bitcoin #dyor pic.twitter.com/pW9o3NphgE

— Crypto_Jobs‍♂️ TA & FA (@CryptoJobs3) October 24, 2024

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