The Solana blockchain meme coin Cat in a Dogs World (MEW) has seen a notable 60% weekly gain, bolstered by new trading options on the OKX market and considerable investments from prominent investors.
MEW's Outstanding Achievement
The cryptocurrency industry has seen extreme volatility lately, as seen by a decline in its worldwide market capitalization below $2.5 trillion. The geopolitical tension between Israel and Iran and signs that the US Federal Reserve is not finished raising interest rates are a couple of the potential causes that could be detrimental to the sector.
Reality also had a negative impact on the meme coin world, as many of those kinds of assets began to flash red on a weekly basis. The market capitalization leaders, Dogecoin (DOGE) and Shiba Inu (SHIB), have seen double-digit declines, while even worse losses have been suffered by Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK).
On the other hand, Cat in a Dogs World (MEW), a meme coin, is doing quite well. It has increased by an astounding 60% over the course of seven days.
Its price skyrocketed earlier this week by 100% every day when the top cryptocurrency exchange, OKX, started offering trading services for it. A few whales were also drawn to the asset, and they made multi-million dollar investments to enter its ecosystem.
How Far Can MEW Go?
We made the decision to inquire of ChatGPT whether the token can continue to grow in the upcoming months and, by the end of the year, emerge as the largest meme coin based in Solana.
According to the well-known chatbot, the likelihood of such a scenario varies depending on a number of uncontrollable variables, such as investor interest, market movements, social media influence, and more. It asserted that MEW can accomplish that objective by bringing novel characteristics that are absent from other meme coins.
Finally, but just as importantly, a possible development of the Solana network would be advantageous to the cat-themed asset.
The largest meme coin developed on the Solana blockchain, WIF, has a market cap of over $3 billion, whereas MEW currently has less than $500 million.
April 2024, Cryptoniteuae