Another new cat-themed token, the MEW meme token, has gained significant popularity in South Korea, surpassing Bitcoin in trading volumes on several major exchanges.
This unexpected surge has positioned the MEW token as the top choice for many South Korean traders.
The token started trading in April and has since gained momentum, particularly on Bithumb, one of South Korea's largest cryptocurrency exchanges.
In the past week alone, MEW's trading volumes soared nearly $300 million, marking the highest volume since its launch on Bithumb.
This remarkable increase in trading volume propelled the price of the MEW token to nearly its upper limit, with it trading at $0.0073 after reaching a peak of $0.008.
MEW may not be among the top meme tokens valued at over $1 billion, but it has a dedicated following and a strong trading history. Recently, it surpassed Book of Meme (BOME) in trading popularity, solidifying its position as a preferred asset among traders.
MEW and XRP lead Bitcoin on Bithumb | @timohoppe06/X
The token's surge was driven by the resurgence of cat-themed tokens, especially after introducing MIGGLES tokens based on the Mr. Miggles NFT by Coinbase.
Cat-Themed Tokens and Their Community Appeal
The surge in MEW's popularity is tied to the resurgence of cat-themed tokens.
Unlike some risky meme tokens that are quickly resold, cat-themed tokens like MEW often promote community-based trading.
This strategy encourages holding onto the tokens and aims for long-term viability, making them more attractive to certain traders.
MEW has garnered support from a highly engaged community, contributing to its ongoing success.
The token is held in over 7,000 active wallets daily, with the top wallets holding 37% of the total supply.
MEW's distribution suggests widespread support, although it also raises concerns about possible market manipulation.
According to Bubble Maps data, as of July 23, there were no suspicious clusters of wallets or attempts to manipulate MEW through decentralized exchanges.
MEW stands out as an example of the influence of the South Korean markets.
Due to banking and KYC regulations, these exchanges are often inaccessible to those outside the country, leading to a distinct token ecosystem.
Impact on the South Korea Crypto Exchange Market
South Korean crypto exchanges have always had significant activity with older memes like DOGE and have been cautious in listing new-generation memes.
However, MEW has broken through this barrier, drawing substantial attention.
These exchanges show less meme fatigue than other markets, further boosting MEW's trading volumes.
The increased interest in cat-themed tokens could also impact other leaders in the space, such as Mog Coin (MOG) and Popcat (POPCAT).
MEW remains the highest-valued cat-themed meme token and may emerge as the leader in this niche sector. Currently, cat-themed tokens as a whole are valued at $2.7 billion, reflecting recent expansion.
MEW's price movements suggest that its popularity may continue to grow, potentially driven by viral TikTok memes or coordinated efforts by holders on specific exchanges.
As Bithumb recently listed MEW, its full impact on trading volumes and price is yet to be completely understood.
The coming days will likely see further developments, with traders anticipating new attempts to reach peak valuations.
MEW's ongoing bounty program on WhiteBit, which includes airdrops for tasks or quests, may also contribute to its continued popularity.