TL;DR
- Solana-based meme tokens like Popcat (POPCAT) and Cat in a Dogs World (MEW) saw significant gains. Their rally aligns with SOL’s price surge in the past 24 hours.
- MEW’s pump could also be attributed to its listing on the Korean crypto exchange Upbit, which recently launched the MEW/KWR trading pair.
New ATH for These Tokens
The cryptocurrency market experienced enhanced volatility in the past 24 hours, with many leading digital assets registering some losses. The meme coin sector has underperformed, too, with Dogecoin (DOGE) and Shiba Inu (SHIB) being in the red.
Cat-themed memes, on the other hand, are among the few big gainers today (October 24). The largest by market capitalization – Popcat (POPCAT) and Cat in a Dogs World (MEW) – reached new all-time highs of $1.67 and $0.0105, respectively.
Other cat-related tokens that have pumped substantially in the last 24 hours include Mog Coin (MOG), Michi (MICHI), MANEKI (MANEKI), and others.
It is worth mentioning that most of the surging memes are built on the Solana blockchain. For its part, SOL is up 5% daily and 14% weekly, currently trading at almost $175. Its rally coincides with rising on-chain trading volume on the network.
According to DefiLlama, the figure surpassed $2.6 billion on October 24 (a level last observed in mid-August this year). Additionally, the total value locked (TVL) on Solana has skyrocketed to a 34-month high of more than $6.5 billion.
MEW’s Exponential Rise
The recent significant price increase of MEW could also be linked to Upbit’s decision to allow trading services with it. This happened earlier this week, with the asset joining crypto’s top 100 club shortly after. Currently, MEW’s market capitalization is just south of the $1 billion mark, making it the 90th-largest cryptocurrency.
According to X user pow, the cat-themed meme coin has been highly successful in the Korean market, generating a 24-hour trading volume of $150 million on Upbit and Bithumb (the country’s leading crypto exchanges).
Some market observers believe MEW might record further gains in the near future. X user CryptoBull_360 thinks it is “ready for a strong breakout from ATH resistance zone,” with rising trading volume potentially playing a role.
