Bittime – Meme coins are still the favorite in the first quarter of 2024, but if all this time dog-themed tokens have ruled, now a "cat" is here, meowing loudly and ready to take its throne.
Cat in a Dogs World (MEW), a new player in the meme coin market that has been around for less than a month, has managed to steal attention and enter the top 10 meme coins based on market capitalization.
From the Rooftops to the Ocean: MEW's Journey
MEW started its journey with extraordinary performance, achieving a growth of 267.54% in just the first week of its launch. However, like other crypto assets, MEW is not immune to market dynamics.
The market correction in the second quarter also affected MEW's pace, causing a price drop of more than 52% from $0.00402 to $0.00189 at the end of last week.
Seeing this price decline, a "whale" or investor with large amounts of crypto holdings, quickly took advantage.
According to Lookonchain data, the “whales” withdrew 10,438 SOL (worth approximately $1.54 million) from Binance to buy MEW. With an average price of $0.0032, the whales managed to double their investment in just 48 hours.
At the time of writing, the whales' holdings were worth $3.12 million, with profits of more than $1.56 million. Interestingly, after these “whale” transactions, MEW price began to recover from its decline, surging more than 119% from its weekend low as it entered Monday.
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Listing on Large Exchanges Drives MEW Rise
MEW's positive trajectory continues after being listed on one of the largest crypto exchanges by trading volume. On Monday, OKEx announced the listing of its dogfight (WIF) and Cat in a Dogs World tokens.
After the announcement, the price of this cat-themed token soared 38.22% before correcting slightly to the $0.00450 support zone towards the close of daily trading.
Uniquely, MEW's performance surpassed WIF, a dog-themed token that experienced a decline of 15.2% in the last 24 hours.
The popularity of cat-themed tokens increased rapidly throughout the first quarter of 2024. Several cat meme coin launches even offered fantastic profits for investors at the start of the second quarter.
Although much of the bull run was fueled by the Solana meme coin fever, MEW appears to have had better resilience than other similar tokens.
Entering Tuesday, MEW prices skyrocketed again, jumping 21.3% in just one hour. MEW market activity also rose 17.7% in the day, with daily trading volume reaching $227.6 million.
Not only that, MEW has also become a hot topic of conversation among the crypto community. According to CoinMarketCap data, MEW is ranked as the third most talked about token in the CMC community.
When this article was written, Cat in a Dogs World was trading at $0.00634, up 14.9% from yesterday's price. Even though it is still down 38.3% from its all-time high (ATH) of $0.00971, MEW managed to record a 60% gain in weekly calculations.
Should You Invest in MEW?
MEW's short but sensational journey certainly raises the question: should you invest in MEW? Let's analyze some factors to consider:
1. Tren Memecoin
The popularity of meme coins is indeed high, but this trend is also known to change quickly. The memecoin trend may decline in the future, thus having an impact on the MEW price.
2. Usability and Utility
Currently, MEW has no clear utility other than as a meme coin. If MEW development teams can develop strong utility or use cases, this could be a driving factor in MEW prices in the long term.
3. Community and Development Team
Learn about the development team behind MEW. Look at their track record and the extent of their involvement in developing the project. In addition, analyze the community that supports MEW. An active and solid community can be a supporting factor for MEW's growth.
4. Technical Analysis
Don't just get carried away by the hype and FOMO (Fear Of Missing Out). Perform technical analysis to understand MEW price movements and find the right entry and exit points.
5. Diversify
Crypto investments carry high risks. Don't allocate all your capital to buy MEW. Diversify your portfolio with other crypto assets to reduce the risk of loss.
Also read How to Buy Crypto:
Conclusion
Cat in a Dogs World is a new meme coin whose presence is quite phenomenal. Its fluctuating price movements and active community make MEW an interesting crypto asset to follow.
However, before deciding to invest in MEW, it is important to conduct careful research, understand the risks involved, and implement an appropriate investment strategy.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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