$MEW has been climbing the meme coin rankings recently with its market capitalization surging to around $450 Million and its daily volume reaching more than $200 Million.
The new influx of funds into $MEW has managed to make it rank top ten in terms of market capitalization and daily transaction volume, which is a huge accomplishment considering how new it is.
Currently, it ranks 10th in terms of market capitalization and 6th in terms of daily transaction volume when compared to all meme coins.
While the token is interesting to trade with, many still do not know what the token is and what product it has that makes it popular.
What is $MEW?
$MEW is a meme token that was created as an SPL Token with Solana Blockchain’s standard by an anonymous team of meme coin enthusiasts.
The token was created to capture the hype of Solana meme coins with a narrative that it will be a new popular cat-themed meme project among the many leading dog-themed meme projects.
$MEW Official Site / Source: Mew's Official Website
This is why on its website, the first sentence people will see is “cat in dogs world” referring to its goal of wanting to beat all dog-themed meme coin projects in the crypto space.
It became popular solely by introducing this goal to the meme coin community, which all ate up and made the token jump high in terms of popularity.
Regarding what it is, it is essentially just a meme project with a token. There is currently no roadmap to know what the future development will be like, which is why it can be said that the project has no real product aside from its token.
However, one thing to applaud is its effort in design, as the animations, graphics, and designs on its website are well put together, almost as if it is creating a comic book with a story.
The token gains its popularity by pushing the narrative while also doing an airdrop, which is why, most of its holders are currently only relying on the $MEW’s potential to beat out all dog-themed coins and be the best cat-themed coins in the market.
Token Economics
Similar to most meme tokens and coins in the market, the total supply of $MEW is high, which stands at 88,888,888,888, or 88.88 Billion.
$MEW Token Economics / Source: Mew's Official Website
The high supply of tokens makes it hard to reach $1 without a burn mechanism, which is similar to a lot of meme projects in the crypto market.
The high supply is also its selling point to give hope to investors that $MEW will reach $1 with a sudden burn mechanism one day, even though this is only wishful thinking.
For $MEW to reach $1, it would take a market capitalization of $88.88 Billion which is not that high for a cryptocurrency, but quite high for a meme-based cryptocurrency.
The launch of $MEW was done through an airdrop, where 10% were airdropped into the Solana Community.
This means that there were no public sales or private sales because trades and investors could just transact them when they were distributed to the airdrop holders.
The team behind $ supported the transaction by providing liquidity where 90% of the token went into a Burned Liquidity Pool.
The token does not have many utilities as it can only be used as a token for trading or transacting in the Solana Blockchain.
However, this might change in the future if $MEW’s popularity keeps on growing as more DeFi protocols might adapt it to be a part of its ecosystem.
Conclusion
Overall, $MEW is another meme-based project that was created to capture the hype on the Solana Blockchain.
Looking at the support of the community with more than 60,000 followers on Twitter and 10,000 members on Telegram, the project’s popularity might remain strong, hence why it might be one of the meme projects that has the most potential.
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