MEW: How WhiteBIT’s Listing Made the Meme Coin a Top Gainer
On July 23, 2024, WhiteBIT listed MEW (cat in a dogs world) and announced a Bounty Program for the project. As a result, the meme coin soared by 70%, setting a new all-time high.
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Surprisingly, meme coins have become one of the most sought-after crypto assets in 2024. The legendary PEPE has increased twelvefold since the beginning of the year, dogwifhat (WIF) twenty-eightfold, and the PolitiFi coins of Trump and Biden fifty-nine and twenty-threefold, respectively.
Investors hunting for the next market sensation are now focusing on lesser-known meme coin narratives involving chickens, real meme characters, and cats. MEW (cat in a dogs world) has notably become one of the most popular meme coins of the week.
Korea's Love Goes Beyond Just Dogs
The market capitalization of MEW more than doubled in an instant. According to Dex Screener, on Friday, July 19, it was valued at $350 million, but by Monday, July 22, it had soared to $750 million. During this period, the token’s price increased by 125%.
MEW increased by 125% between July 19 and July 22, 2024. Source: tradingview.com
MEW is built on the Solana blockchain, tying its price dynamics closely to Solana's native coin, SOL. When SOL rises, nearly all projects within the ecosystem get a boost. Conversely, a downturn in SOL can adversely affect all meme coins on Solana, including MEW.
MEW's early success was significantly influenced by Solana's robust performance. In the first four days following MEW's listing on WhiteBIT, SOL saw a 20% increase, possibly fueled by speculation about a forthcoming Solana ETF and the unveiling of new solutions like Blinks and Actions.
Additionally, MEW’s growth is linked to traders in the Far East. In particular, MEW became the third most traded cryptocurrency on Bithumb, a major South Korean exchange and a leading platform in Asia, surpassed only by USDT and BTC. From July 19 to July 22, the daily trading volume of MEW against the South Korean won increased tenfold (from $800,000 to $8 million).
The trading volume of MEW/KRW on Bithumb closely correlated with the rise in the meme coin’s price. Source: tradingview.com
This trend is unusual for South Korean markets, where crypto exchanges typically take a conservative approach to meme coins, with the majority of trading volume concentrated in established giants like DOGE and PEPE.
MEW has broken new ground as one of the first recent meme coins whose trading volumes have, at times, surpassed those of traditional heavyweights like ETH, BTC, and SOL. This surge in popularity can likely be attributed to its Korean origins.
MEW Opens Up to European Traders
The latest driver behind MEW’s surge was its listing on WhiteBIT, one of Europe’s largest cryptocurrency exchanges. The platform added the MEW/USDT trading pair on July 23.
The listing received a positive response from both the crypto community and the media. MEW’s trading volume hit $3.3 million on the first day and nearly doubled to $6.2 million by the next day. The WhiteBIT listing happened just as MEW reached an all-time high, allowing those who bought early to enjoy a 70% profit.
WhiteBIT’s Bounty Program
MEW’s growth was also boosted by WhiteBIT's Bounty Program. Users can earn various rewards by completing special quests on the W3DV platform, with successful participants receiving special points called BITS.
The total reward pool is 6 million MEW (approximately $50,000 at the time of the program’s announcement) and will be distributed as follows:
- 1st place: 550,000 MEW
- 2nd place: 275,000 MEW
- 3rd place: 250,000 MEW
The remaining MEW will be equally distributed among the other participants in the top 250 (12,000 MEW each).
The Bounty Program runs until August 12, with winners announced on August 26 on WhiteBIT’s official blog.
Will There Be More Growth Drivers for MEW?
MEW’s rise is a prime example of how strong market interest can drive a token's growth. According to CoinGlass, open interest in MEW futures fluctuated between $15 million and $20 million, peaking at $144 million when the meme coin reached its ATH on July 23!
MEW futures open interest boosted the coin’s growth. Source: coinglass.com
MEW’s growth could also be driven by fundamental factors, such as the crypto lending service provided by WhiteBIT. This service allows users to stake their tokens as liquidity (from 7,000 to 409,000 MEW) and earn a 1.5% return over 30 days. Although experimental for meme projects, this could potentially attract strong interest.
Remember, it’s crucial to weigh the risks and conduct your own research before investing in cryptocurrencies.
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