Here’s Why Solana Memecoin MEW’s Trading Volume Soared 32%

Cat in a Dogs World (MEW), a Solana-based memecoin, has become the latest memecoin featured on the Binance Futures platform. This allows investors to potentially earn tokens from speculating on MEW’s price.

According to the market-leading crypto exchange Binance, the listing will occur today at 14:00 UTC. Following the listing, Binance traders can speculate on MEW’s value with as high as 50x leverage. Perpetual contracts allow investors to speculate on a digital asset’s price without directly owning that asset and without an expiration date. The higher the leverage, the more dramatic a user’s gain or loss will become.

Following the announcement, MEW’s daily trading volume significantly increased to over $119 million, representing a 32.5% surge. This increase suggests that investors are highly interested in the Solana memecoin. Its trading price has soared to $0.004661, representing a 5.8% increase in 24 hours.

What is MEW Token?

The MEW token is a memecoin launched in March 2024. It differentiates itself with a cat-themed concept and aims to compete with leading dog-themed memecoins like Dogecoin, Shiba Inu, and Dogwifhat.

MEW has gained attention in the meme coin space since its launch and has exhibited notable price movements influenced by factors such as market hype. It has a total supply of 88 billion and a market capitalization of $414 million.

Solana Memecoin Storm the Market

In recent months, Solana has become the powerhouse for multiple memecoins. Being one of the fastest blockchains and a smart contract-enabled network, Solana has captured the most attention in the memecoin market.

On-chain data from the blockchain explorer Solscan showed that 8,630 memecoins were created on March 10th alone. This massive embrace of the layer-1 blockchain sparked its native coin (SOL) to soar above $200. SOL currently sits at a trading price of $144.

Meanwhile, Solana’s mainnet is not entirely foolproof. The continuous onboarding of new projects has contributed to the blockchain experiencing periodic system glitches and congestions that delay transaction settlement. However, it often settles these within days.