Viral Cat Meme Coin MEW Reaches New ATH: Here’s Why It Matters

TL;DR

• MEW is currently one of the top cryptocurrencies, reaching a new all-time high just hours ago.
• The surge occurred shortly after the largest South Korean crypto exchange introduced trading options for the meme coin.

Making Its Mark in Crypto’s Top 100

Cat in a Dogs World (MEW) – a meme coin based on Solana that launched earlier this year – captured attention on October 21 by achieving a 16% increase and reaching a new all-time high around $0.01. 

At one point, its market capitalization soared to nearly $1 billion before settling back to around $880 million. Currently, MEW holds the position of the 95th largest cryptocurrency and ranks as the 10th largest in the meme coin sector.

This rapid growth was driven by Upbit’s decision to launch trading services for the asset. The leading South Korean crypto exchange introduced the MEW/KRW trading pair, making it the third meme coin linked to the local fiat currency.

$mew has become the 3rd meme coin to ever receive a KRW pair on Upbit, the largest crypto exchange in Korea.

The ONLY coins with KRW pairs are

DOGE SHIB and MEW

CAT SEASON. HIGHER. https://t.co/bdITqL7anF

— mememillions☆ (@apatheticwhale) October 21, 2024

Upbit specified that deposits and withdrawals must be conducted through the designated network (MEW-Solana). “Ensure you verify the network prior to depositing,” it advised.

Though MEW has been integrated into its platform, the company emphasized that the meme coin lacks its own token utility. It also cautioned that cryptocurrency investments may experience sudden price changes due to their speculative nature and evolving regulatory conditions. 

“Investors are responsible for their own investment decisions regarding this digital asset and for any potential losses incurred. We urge you to closely review the project’s website and public disclosures to better understand the nature of digital assets and proceed with caution,” concluded Upbit’s team.

Support From Additional Platforms

The aforementioned exchange is not the only platform that has embraced MEW. Other prominent names include OKX, KuCoin, BTSE, and Gate.io.

It’s worth remembering that the meme coin experienced an even bigger surge in April this year when OKX became a supporter. According to CryptoPotato back then, MEW skyrocketed by 100% within a day, attracting the interest of some major investors who ended up buying in large quantities.