MEW, the Solana-based meme coin known as “cat in a dogs world,” has seen a significant increase of over 16% in the past 24 hours, making it the top gainer among cryptocurrencies on July 24.

At the time of writing, the feline-themed meme coin was still up 11%, trading at $0.0081. The crypto asset’s market cap had surged to $726 million, making it the 94th largest cryptocurrency.

Market Performance and Trading Volume

MEW’s daily trading volume has dropped 16%, hovering around $250 million. This suggests that MEW investors are optimistic about its potential rise and prefer to hold their positions rather than sell.

Recent Developments

The latest price surge in MEW follows a July 23 announcement by WhiteBIT, one of the largest European centralized crypto exchanges, that it had listed the meme coin. Just a day earlier, the exchange also introduced a bounty program that would reward the top 250 participants from a prize pool of 6 million MEW tokens.

MEW was initially introduced on the Raydium exchange, benefiting from a 10% airdrop to the Solana community on March 26. The launch was met with immediate enthusiasm, driven by the Solana hype and the coin’s engaging “Cat in a Dogs World” theme.

Within just three hours of its launch, MEW’s trading volume soared to $150 million.

Cat-Themed Tokens and Market Context

Cat-themed tokens as a whole are valued at $2.7 billion after an expansion in the past few weeks. Popcat, another cat-themed meme coin on Solana, also experienced a surge of 12% on July 24, trading at $0.8155.

MEW’s surge also comes at a time when the global crypto market is experiencing a slight drop, standing at $2.39 trillion. Bitcoin, the pioneering crypto asset, was down 1.13%, trading at $658,876 at the time of publication.

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