Trader attention is turning to a new subset of tokens with cat themes as Solana meme currencies continue to dominate the bull market.
Today, the market capitalization of meme coins grew by 9%, approaching $70 billion. The market capitalization of Solana meme currencies has surged by more than 20% in this industry, surpassing $8 billion.
Nevertheless, the most well-liked tokens, such as DOGE, SHIB, BONK, or even WIF, which hit a new all-time high, are not the top gainers in the meme coin market right now. Rather, it’s a brand-new class of tokens with cat themes.
One of the newest Solana-based cat meme tokens, Cat in a Dogs World (MEW), launched earlier this week and surged by 137% today. The token’s market capitalization reached $490 million in just 48 hours of trade.
According to Lookonchain, a few pioneering traders who began trading with as little as 30 SOL have made millions with MEW. In just a few hours, one trader made $530,000 out of a $6,000 investment. Meme coin aficionados appear to be losing interest in the buzz surrounding MEW in favor of searching for the next exciting presale in the bull market.
Solana’s market performance is driven by the growing interest in meme coins; in March, the cryptocurrency had a gain of around 70%.
MEW wants to be unique in the meme currency market with its striking white cat mascot, which has black whiskers and pink ears. MEW has experienced a spike in trading activity since its launch, suggesting that investors’ interest is expanding.
With the introduction of a new story that revolves around cats, MEW, the native token of “Cat in a Dog World,” is an audacious attempt to challenge the supremacy of meme coins with dog themes. Since its start, this initiative, which was introduced on the Solana blockchain, has quickly drawn interest from the cryptocurrency world.
Using Fibonacci extension levels to identify crucial price points, the next major resistance level could appear at $0.006834 if MEW continues its upward trajectory. The following resistance zone, which is about at $0.006200, might then become visible with a breach over this threshold.
MEW: 24 hrs price chat. Credit: Coin Market Cap
Given the inherent volatility in the short and midterm, we can expect the near-term MEW/USDT price to be centered around $0.003298 on average. Projections, on the other hand, indicate that MEW may eventually reach $0.007256 in the long run.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
