This viral cat-themed meme currency hits a new ATH – here’s why

TL;DR

MEW is among the best performing cryptocurrencies on a 24-hour scale, and it hit a new ATH a few hours ago. The rally came shortly after South Korea’s largest crypto exchange allowed services to be traded in the meme currency.

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Cat in a Dogs World (MEW), a Solana-based meme coin that saw the light of day earlier this year, took center stage today (October 21), posting a 16% price increase and reaching a new all-time high of about $0.01.

MEW price, Source: CoinGecko

Its market capitalization briefly rose to nearly $1 billion before returning to its current $880 million. This means that, as of now, MEW is the 95th largest cryptocurrency and the 10th largest in the meme coin niche.

The exponential rise was fueled by Upbit’s decision to allow trading services with the asset. The main Korean crypto exchange listed the MEW/KRW pair, making it the third meme currency directly pegged to the local official currency.

$mew it is now the third memecoin ever to get a pair of KRW on Upbit, the world’s largest Korean exchange.

the ONLY currencies that have KRW pairs are

DOGE SHIB and MEW

SEASON OF CATS. HIGHER. https://t.co/bdITqL7anF

— mememillions☆ (@apatheticwhale) October 21, 2024

Upbit clarified that deposits and withdrawals are only supported through the designated network (MEW-Solana). “Make sure you check the network before you deposit,” he warned.

Despite adding MEW to its platform, the company cautioned that the meme coin lacks its own token utility. He also cautioned that investing in cryptocurrencies can be subject to rapid price fluctuations due to their speculative nature and changes in regulatory environments.

“The investor is responsible for making investment decisions in this digital asset and for the losses that may occur. We ask you to carefully review the project website and public disclosure materials to fully understand the features of the digital assets and trade with caution,” the Upbit team concluded.

Support from others

The aforementioned crypto exchange is not the only one MEW has adopted. Other notable examples include OKX, KuCoin, BTSE, and Gate.io.

Remember that the price of the meme coin experienced an even more substantial bomb in April of this year when OKX jumped on the bandwagon. As CryptoPotato reported at the time, MEW shot up 100% on a 24-hour scale, attracting the attention of some whales who went shopping.

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