Meme Token MEW is dominating the Korean market. MEW even surpassed Bitcoin in daily volume, following the trend of cat-themed meme . MEW is one of the few meme assets offered to Korean traders and has a growing fan base.
Cat in a Dog's World (MEW) is the most traded asset on Bithumb, in pairs with the Korean won. On the other hand, MEW is not among the top meme worth over $1 billion, but appears to have a loyal Watcher and an active trading history. MEW recently overthrew Book of Meme ( BOME ), which was no longer the hottest trend.
MEW recovers from a resurgence in cat-themed Token , following the launch of the Mr. Miggles Non-Fungible Token by Coinbase. Meme Token also show stronger upside compared to older Token or altcoins.
The MEW Token began trading in April and has been listed on OKX as well as Bithumb over the past few months. Bithumb has been a really active market, pushing up MEW volumes over the past week.
Source: X
Volume increased by nearly $300 million. This is the highest level since the launch of trading on Bithumb. MEW price is now closer to the higher range, trading at $0.007, after touching $0.008. MEW is relatively conservative compared to the latest trending Meme token . Even with the recent gains, MEW is not among the top gainers of the day on the most active DEX.
Even so, MEW is supported by very active listings and is expected to continue its upward momentum. MEW looks like a community-driven, incentivized Token , aiming for higher price ranges in the coming weeks.
The MEW bull run is reviving the cat meme season buzz, with many Token being touted for a potential price increase. Cat Token meme are often more community-based, avoiding the high-risk, quick resale model.
The goal of some cat meme projects is to take advantage of the liquidation available for meme Token and use it to reach higher, more sustainable levels. The cat Token meme is still volatile and risky, but has better milestones than newly launched Solana Token that often end in a rug pull.
MEW is held in over 7,000 daily active wallets and has a fairly wide distribution. Even so, the top wallets still account for 37% of the supply. Bubble Maps reveals that as of July 23, MEW does not show any suspicious wallet clusters or attempts to manipulate the DEX.
MEW is an exception, showing the strength of the Korean market. Those exchanges typically do not cater to “outsiders” due to banking and identity verification restrictions, and could create a different Token ecosystem.
Nearly 70% of MEW trades are with USDT, the rest are in KRW pairs. Such a fiat pairing rate is unusual for a digital asset.
Exchanges in South Korea showed significant activity in older meme , including Doge. But they appear cautious in listing the new generation of meme . MEW was one of the first Token to break that barrier, attracting huge attention. Korean exchanges are also less meme -weary than other markets.
Source: X
The growing interest in cat meme could also affect top coins like Mog Coin (MOG) and Popcat (POPCAT). But MEW remains the most valuable cat-themed meme and may lead the industry.
Overall, cat-themed Token are worth $2.7 billion after expanding over the past few weeks. MEW's current value is not yet linked to a specific action, although it is likely to include viral TikTok meme .
However, MEW's recent behavior also points to a coordinated pump, carried out by holders on an exchange. The impact of Bithumb is not fully accounted for in MEW trading, as the listing is only recent and is not yet included in all data trackers.
The coming days could see further MEW popularity and price volatility. In the short term, traders expect a pullback, followed by a renewed attempt to reach peak valuations. MEW also has a new bounty program opened on WhiteBit. Trading is not open yet, but MEW will be Airdrop for tasks.
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Minh Anh
According to Cryptopolitan
