The cat-themed MEW meme token has risen to become one of the most widely traded tokens in South Korea, exceeding even Bitcoin in trading volumes and becoming the preferred choice among traders.
MEW, or “Cat in a Dog’s World,” rose rapidly to become the most traded digital asset on Bithumb against the South Korean Won even though it did not reach for the billion-dollar memes.” Its dedicated user base and frequent trading indicate long-term demand as it overtook prior trends like Book of Meme (BOME).
MEW rose during the increased interest in cat-themed tokens after the launch of MIGGLES based on the Coinbase Mr. Miggles NFT to prove that meme tokens can have a better rally than typical altcoins.
MEW: Another rally cycle
Since MEW’s launch in April, the project has managed to get listed on OKX and Bithumb, the latter of which saw huge trading volumes in the past two weeks.
MEW’s trading volume reached almost $300 million, the highest since MEW became a member of Bithumb. Its price is around $0.0073; it recently reached its high of $0.008 with moderate growth during the meme token craze, but it is not among the most popular coins in terms of DEX trading volume today.
However, MEW still has backing from the active listings and is expected to continue its rally run up on the back of the community based principle to hold and to target higher prices in the coming weeks.
The MEW rally boosts the activity for the cat meme season, emphasizing tokens with a focus on community warmth and resistance to high-risk, high-turnover strategies.
It is notable that some cat meme projects are designed to drain liquidity from meme tokens and increase their sustainability in terms of volatilities and risks. They offer more reliable investment opportunities than new tokens on the Solana network, which have become synonymous with rug pulls.
MEW has over 7k DAU and is widely distributed, but the top wallets own 37% of tokens. They add that recent analyses show no signs of clusters of suspicious wallets or DEX manipulation attempts up to July 23.
Analyzing MEW’s peculiar dominance in KRW trading volumes
MEW’s exclusive visibility points to South Korean markets, less accessible and having their own token environment; approximately 70% of its trading takes place against USDT and the rest in KRW, an irregular fiat currency pairing in crypto.
South Korean exchanges traditionally focused on older memes such as DOGE but are gradually warming up to newer meme tokens; MEW is an excellent example, as meme fatigue is relatively lower in these markets compared to others.
As more people pay attention to cat memes, it may affect tokens such as Mog Coin (MOG) and Popcat (POPCAT), but none is more poised to dominate the sector than MEW, which is the leading cat-themed meme at the moment.
