MEW surges 16%, becomes top gainer in crypto market today

Known as the “cat and dog world,” the Solana-based meme coin MEW has seen a notable increase of over 16% in the last 24 hours, becoming the top gainer among cryptocurrencies on July 24.

At the time of writing, cat-themed meme coin cat in a dogs world (MEW) was still up 11% and trading at $0.0081, according to price data on crypto.news. The crypto asset’s market cap has skyrocketed to $726 million, making it the 94th-largest cryptocurrency.

MEW price data | Source: TradingView

Additionally, the meme coin’s daily trading volume dropped by 16% to around $250 million, suggesting that MEW investors are optimistic about the potential upside and are choosing to hold their positions rather than sell.

The recent price surge in MEW comes after WhiteBIT, one of the largest European centralized cryptocurrency exchanges in Ukraine, announced in a July 23 X post that it had listed the meme coin.

The exchange had also announced a bounty program the day before, where the top 250 participants would be awarded from a prize pool of 6 million MEW tokens.

MEW was initially introduced on the Raydium exchange and benefited from a 10% airdrop to the Solana community on March 26. The launch was met with immediate enthusiasm due to Solana’s excitement and the coin’s intriguing “Cat in a Dogs World” theme. Just three hours after launch, MEW’s trading volume skyrocketed to $150 million.

Cat-themed tokens are now worth a combined $2.7 billion after expanding over the past few weeks. Another cat-themed meme coin on Solana, Popcat (POPCAT), also saw a 12% increase on July 24, changing hands at $0.8155 at press time.

MEW’s surge comes at a time when the global crypto market is experiencing a slight decline, falling to $2.39 trillion. The leading crypto asset, Bitcoin, was also down 1.13% at $658,876 at press time.