Traders Make Millions with MEW and MOEW
The Memecoin market has been dominated by dog-themed tokens for the past few years. Despite not being as popular and well-known as dog cryptocurrencies, cat-themed tokens are starting to appear at the forefront of the meme-inspired market. Related Read: Memecoins Reign Supreme: CoinGecko Reveals The Most Profitable Cryptocurrencies in the Cryptocurrency Market in Q1. Memecoins can become a market sensation overnight, and their community can be some of the most supported investors, as seen in the Vegas Sphere “wif on”. Sphere” fundraising campaign. Dogecoin and Shiba Inu remain the largest tokens by market capitalization in this category. About a month ago, eight of the ten largest memecoins by market capitalization were inspired by dogs. Nonetheless, cat-themed tokens are starting to infiltrate the dog pack after recently released players made their list of the top 10 meme coins. Cat in a Dogs World (MEW) launched on March 26 and reached a market capitalization of $200 million in just 48 hours. MEW surpassed BONK, WIF and PEPE with the fastest process launch to achieve this feat. MEW’s market capitalization reached $644 million in just 8 days, making it the 8th largest memecoin by this metric. Moreover, the token rose more than 50% on Wednesday after cryptocurrency exchange KuCoin announced its listing. Among the top 10 meme coins: Cats in the Dog World. Source: CoinMarketCap MEW’s performance over the past 7 days shows an impressive gain of 267.54%. Nonetheless, the token’s rally has slowed today. The cat-themed cryptocurrency lost more than 15% of its value since the previous day. At the time of writing, MEW is trading at $0.00737049. Likewise, daily market activity took a hit, with trading volume falling 35.3% to $208.4 million in the last 24 hours. What are you feeding your cat-themed meme coin? As interest in cat-inspired tokens grows, many newly launched memecoins have quickly surpassed massive levels. On Wednesday, a new token called Ansem’s Cat (HOBBES), inspired by cryptocurrency trader Ansem’s cat Hobbes, surpassed $100 million in market capitalization on its launch day. MOEW, the native token launched on Wednesday, was in the news after one trader turned $13,000 into $2 million in just one hour. According to data provided by Lookonchain, the cryptocurrency trader used 3 ETH ($13,000) to purchase 499.9 million MOEW, which is a 158x profit. The trader then sold 116 million MOEW for 99 ETH, about $328,000, as the price of rice surged. At the time of reporting, traders had 388.24 million MOEW remaining, worth over $1.7 million. In less than an hour, this person turned $13,000 into $2 million, a 158x profit! He discovered $MOEW 10 minutes into trading and spent 4 $ETH ($13K) to purchase 499.9 million $MOEW. He then sold 111.65 million $MOEW for 99 $ETH ($328K). He currently holds a MOEW of $388.24 million worth $1.76 million… pic.twitter.com/DFRGOYh8ZM — Lookonchain (@lookonchain) April 3, 2024 Similarly, other traders took profits on MEW’s opening day. In just 20 minutes, this cryptocurrency trader made a profit of nearly $900,000 from selling SOL and buying memecoin. Nonetheless, local communities have questioned the whale’s movements. Many people wonder whether Cat-themed profits come from strategic deals or from insiders in the project. Whatever the case, cat-themed tokens are starting to gain traction in the cryptocurrency market. Ultimately, the cryptocurrency community began to realize the potential of cat-inspired coins. Related Reading: Dogecoin Hits a Big Hurdle to MEW’s Performance on Weekly Chart as Whales Continue Mass Selling Source: MEWUSDT from Tradingview.com Featured image from Unsplash.com, chart from TradingView.com
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