The MEW meme coin has surged 85% in a week, breaking into the top ten meme coins with a market cap of $692 million. This growth, fueled by the “global cat season” trend and key partnerships, positions MEW as a rising competitor to Dogecoin (DOGE) and Shiba Inu (SHIB).
Launched this year on the Solana blockchain, MEW is gaining popularity fast. However, it faces criticism over ethical concerns due to allegations of undisclosed promotions.
MEW Meme Coin Hits Top Ten Amid Surge and Branding Strategy
Currently ranked tenth in market capitalization among meme coins, MEW boasts a market value of $692 million. According to CoinGecko, its trading volume has surpassed $250 million. At the time of writing, MEW is trading at $0.007781, reflecting a 5.7% increase in the past 24 hours.
The recent surge in MEW’s popularity is attributed to its strategic branding, which capitalizes on the “global cat season” trend. The developers anticipate that cat-themed meme coins will outperform their dog-themed rivals.
As a result, MEW is starting to surpass the performance of well-known dog-themed meme coins, such as Dogecoin, Shiba Inu, Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI).
Top 10 Meme Coins Based on Market Capitalization. Source:Â CoinGecko
MEW’s Rapid Growth and Controversies: Partnerships and Allegations
Recent partnerships have significantly boosted MEW’s growth. A key collaboration with the Web3 gaming project Pixelverse led to MEW’s logo—a stylized white cat—being featured in Pixelverse’s Telegram stickers, enhancing its visibility. Additionally, MEW has benefited from new crypto exchange listings and promotional activities.
On July 22, MEW’s trading volume surged to $2.07 billion, pushing it to sixth place in cryptocurrency trading volume rankings, highlighting a surge in speculative interest.
However, MEW’s explosive rise is marred by serious allegations of unethical practices. A pseudonymous account known as “cex offender” on X (Twitter) has raised concerns about undisclosed paid promotions involving key opinion leaders (KOLs). The account claims that insiders offered substantial payments to influencers to promote MEW without disclosing the compensation, suggesting potential federal investigations into these practices.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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