Cat-Themed MEW Coin Soars
MEW, a cat-themed meme coin, has surged over 85% in a week, challenging dog-themed rivals like Dogecoin amid serious allegations of undisclosed paid promotions.
The cryptocurrency world is buzzing with the rise of MEW, a cat-themed meme coin that has surged over 85% in the past week. Launched on the Solana blockchain earlier this year, MEW is now challenging the dominance of dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). MEW has rapidly climbed the ranks, currently holding tenth place in market capitalization among meme coins with a value of $692 million. Its trading volume has surpassed $250 million.
The rise in MEW’s popularity isn't just about its cat branding. Developers have declared this period as “global cat season,” predicting that cat-themed coins will outperform their dog-themed rivals. This prediction seems to be coming true, as MEW’s performance is already outshining coins like Dogecoin, Shiba Inu, Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI).
Strategic partnerships have played a big role in MEW’s growth. A notable collaboration with the Web3 gaming project Pixelverse introduced MEW’s logo—a stylized white cat—into Pixelverse’s Telegram stickers, boosting its visibility. More crypto exchange listings and promotional activities have also helped. On July 22, MEW's trading volume jumped to $2.07 billion, putting it in sixth place in trading volume rankings.
However, MEW’s rapid growth has not been without controversy. There are serious allegations of unethical practices. A pseudonymous account known as “cex offender” on X claims that key influencers were paid to promote MEW without disclosing it.
"Insiders were informed before launch and have been offering 250,000 USDC to many influencers to promote it without disclosure. Many of these influencers may face federal investigation," cex offender reported.
These allegations raise ethical questions and could impact MEW’s reputation. The crypto community is watching closely to see how these claims unfold and what effect they might have on MEW’s future.
In summary, MEW's quick rise is notable in the meme coin market, challenging traditional dog-themed coins. With strategic partnerships and the declared “global cat season,” MEW is finding its unique place. However, the ethical concerns highlight the volatility and uncertainty in the cryptocurrency market. MEW will need to address these issues carefully to maintain its growth and credibility.
