This Viral Cat-Themed Meme Coin Hits a New ATH: Here’s Why

TL;DR

• MEW is among the best-performing cryptocurrencies on a 24-hour scale, hitting a new ATH several hours ago.
• The rally happened shortly after the biggest South Korean crypto exchange allowed trading services with the meme coin.

Joining Crypto’s Top 100 Club

Cat in a Dogs World (MEW) – a Solana-based meme coin which saw the light of day earlier this year – took center stage today (October 21) by registering a 16% price increase and tapping a new all-time high of approximately $0.01. 

MEW Price, Source: CoinGecko

Its market capitalization briefly pumped to almost $1 billion before retracing to the current $880 million. This means that, as of now, MEW is the 95th-biggest cryptocurrency and the 10th-largest in the meme coin niche.

The exponential surge was fueled by Upbit’s decision to allow trading services with the asset. The leading Korean crypto exchange listed the MEW/KRW pair, making it the third meme coin directly coupled with the local official currency.

$mew is now the 3rd memecoin to ever get KRW pair on Upbit, the biggest korean exchange in the world.

the ONLY coins that have KRW pairs are

DOGE SHIB and MEW

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

— mememillions☆ (@apatheticwhale) October 21, 2024

Upbit clarified that deposits and withdrawals are supported only via the designated network (MEW-Solana). “Be sure to check the network before depositing,” it warned.

Despite adding MEW to its platform, the company alerted that the meme coin does not have its own token utility. It also cautioned that investing in cryptocurrencies may be subject to rapid price fluctuations due to their speculative nature and changes in regulatory environments. 

“The investor is responsible for making investment decisions in this digital asset, and any losses that may occur. We ask you to carefully refer to the project website and public disclosure materials to be fully aware of the characteristics of digital assets and to trade with caution,” Upbit’s team concluded.

Support From Others

The aforementioned crypto exchange is not the only one that has embraced MEW. Other notable examples include OKX, KuCoin, BTSE, and Gate.io.

Recall that the price of the meme coin experienced an even more substantial pump in April this year when OKX jumped on the bandwagon. As CryptoPotato reported back then, MEW skyrocketed by 100% on a 24-hour scale, catching the attention of some whales who went on a buying spree.