The Solana-based Cat in a Dogs World (MEW) token has risen in price by 100% in the last 7 days amidst controversy and high marketing.
The cryptocurrency market has experienced a surge of over 100% in the past seven days due to the emergence of “Cat in a Dogs World” (MEW). The Solana-based MEW token, introduced in March, is designed to challenge the dominant dog-themed meme coin market, dominated by tokens such as Dogecoin (DOGE) and Dogwifhat (WIF).
MEW’s market capitalization has increased 180% in the past ten days. It was valued at $268 million on July 14 but is currently valued at $750 million, securing the ninth position in market capitalization among meme coins. On Tuesday, the trading volume of MEW increased to $2.07 billion, according to CoinMarketCap. Nevertheless, it has since stabilized at $260 million.
The Solana-based meme coin trades at $0.0083 when writing, representing a more than 10% increase in the past 24 hours. It is important to note that the token experienced an 18% decline from its all-time high of $0.01034, which was attained on March 31.
MEW’s rapid development rate, airdrop program, and storyline have garnered substantial investor interest. It is also acquiring momentum as a result of new listings and collaborations. Binance Futures introduced the USDⓈ-M MEW Perpetual Contract on July 17. Furthermore, the MEW token was recently listed on the crypto exchanges WhiteBIT and ProBit.
Meanwhile, MEW is also increasing its visibility through captivating advertisements and branding. In recent days, the meme token has garnered the support of numerous crypto influencers on X (formerly Twitter). Additionally, the logo of Cat in a Dogs World has been prominently displayed on the Telegram stickers of the Pixelverse Web 3.0 gaming initiative.
The MEW team has also designated this bull cycle as the “global cat season,” expecting cat-themed tokens to outperform other meme currencies. This has led to the proliferation of numerous cat-themed meme tokens. For example, the value of CatCoin (CAT) has increased by more than 60% over the past seven days. MeowCat (MEOW) experienced a 110% increase during the same period.
Divided Community
The sudden ascent of the MEW token has also been the subject of criticism. Alarms regarding concealed paid promotions that involve key opinion leaders (KOLs) have been raised by a user of the X account known as a “cex offender.” They stated that the initiative provides influencers $250,000 in USDC to promote MEW without disclosing their payment. The account also suggested that the initiative may be subject to regulatory scrutiny, as it stated:
“Gotta be transparent cause at the end of this bull run the feds are gonna do a sweep and most definitely mew will be under investigation after learning what I learned.”
Investors have advised caution when investing in the token, which has also been criticized on specific Reddit forums. Nevertheless, MEW continues to be promoted by numerous Reddit forums and X accounts, resulting in a polarized community sentiment.