TL;DR
- Cat in a Dogs World (MEW), a meme coin on the Solana blockchain, has notably increased by 60% in a week, supported by new trading options on the OKX exchange and significant investments from large-scale investors.
The potential for MEW to become the top Solana-based meme coin is uncertain, influenced by market trends and innovations. Despite its growth, the token’s success remains speculative with a current market cap significantly lower than the leading asset of that type, WIF.
MEW’s Impressive Performance
The value of cryptocurrencies has taken a hit in recent times, causing their total market worth to dip below $2.5 trillion. Some factors contributing to this downturn include the geopolitical conflict between Israel and Iran and hints that the US Federal Reserve may continue raising interest rates.
In the world of meme coins, many assets experienced negative weekly performance as they faced the harsh realities. The top players in terms of market capitalization, such as Dogecoin (DOGE) and Shiba Inu (SHIB), plummeted by over ten percent. Meanwhile, Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) suffered even greater losses.
One meme coin stands out with significant growth, named Cat in a Dogs World (MEW). In just the past week, it has surged by an impressive 60%.
Previously in the past few days, the value of this asset experienced a significant surge of over 100% daily. This dramatic increase followed OKX’s announcement of trading services for it. Furthermore, some large investors, referred to as whales, became interested and made substantial investments within its ecosystem.
How High Can MEW Fly?
Instead of asking ChatGPT if the token could potentially become the largest Solana meme coin by the end of this year and maintain its progress in the upcoming months, you could phrase it as:
The widely-used chatbot explained that achieving such a situation is influenced by numerous unforeseeable factors, such as market fluctuations, investor sentiment, social media hype, and the like. It boasted that MEW could reach this objective by introducing unique features that other meme coins don’t provide.
Lastly, the feline-themed asset could also gain from any future improvements in the Solana platform.
At present, MEW‘s market capitalization is under $500 million, whereas WIF, which is the biggest meme coin developed on the Solana blockchain, boasts a market cap above $3 billion.
To summarize, ChatGPT advised that predicting the meme coin market is risky and unpredictable, urging investors to thoroughly research before investing due to the sector’s notoriously volatile nature. Interested parties can check out our instructional video for guidance on avoiding potential pitfalls.
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2024-04-20 07:48