TL;DR
- Cat in a Dogs World (MEW), a meme coin on the Solana blockchain, has notably increased by 60% in a week, supported by new trading options on the OKX exchange and significant investments from large-scale investors.
- The potential for MEW to become the top Solana-based meme coin is uncertain, influenced by market trends and innovations. Despite its growth, the token’s success remains speculative with a current market cap significantly lower than the leading asset of that type, WIF.
MEW’s Impressive Performance
The cryptocurrency sector has experienced severe turbulence recently, with its global market capitalization tumbling below the $2.5 trillion mark. Some of the possible reasons negatively affecting the industry could be the geopolitical tension between Israel and Iran and indications that the US Fed is not done with its rate-hike policy.
The meme coin realm also suffered the adverse consequences of reality, with numerous assets of that type flashing red on a weekly scale. The leaders in terms of market cap—Dogecoin (DOGE) and Shiba Inu (SHIB)—have nosedived by double digits, while Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) have witnessed even more significant losses.
However, one meme coin is well in the green, and its name is Cat in a Dogs World (MEW) – up a whopping 60% on a seven-day scale.
Earlier this week, its price exploded by 100% daily after the leading cryptocurrency exchange, OKX, introduced trading services with it. The asset also caught the attention of some whales who entered its ecosystem with multi-million investments.
How High Can MEW Fly?
We decided to ask ChatGPT whether the token can maintain progress in the following months and become the biggest Solana-based meme coin before the end of this year.
The popular chatbot estimated that such a scenario depends on various unpredictable factors, including market trends, investor interest, social media influence, and more. It claimed that MEW can complete that goal by introducing innovative features that other meme coins do not offer.
Last but not least, the cat-themed asset may benefit from a potential advancement of the Solana network.
Currently, MEW has a market cap of less than $500 million, while WIF (the largest meme coin built on the Solana blockchain) has over $3 billion.
In conclusion, ChatGPT stated that outlining such a prediction is highly speculative and uncertain, warning investors to conduct proper due diligence before hopping on the meme coin sector due to its infamous volatility. Those willing to learn how to avoid some common mistakes related to the matter can take a look at our dedicated video below:
