The MEW (CRYPTO:MEW) meme coin, a cat-themed cryptocurrency launched earlier this year on the Solana (CRYPTO:SOL) blockchain, has experienced a dramatic 85% surge in value over the past week.
This rise has positioned MEW as a significant contender in the meme coin space, traditionally dominated by dog-themed coins such as Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB).
With a market capitalisation of $692 million, MEW currently ranks tenth among meme coins and has seen its trading volume exceed $250 million.
MEW’s rapid growth is attributed to its branding strategy, which has capitalised on the so-called "global cat season," aiming to outpace its canine-themed rivals.
The coin's popularity has been bolstered by strategic partnerships, including a notable collaboration with the Web3 gaming project Pixelverse.
This partnership integrated MEW’s logo into Pixelverse’s Telegram stickers, further boosting its visibility.
On July 22, MEW’s trading volume spiked to $2.07 billion, elevating it to sixth place in cryptocurrency trading volume rankings.
However, MEW’s impressive performance is overshadowed by serious allegations of unethical behavior.
A pseudonymous account known as “cex offender” on X (formerly Twitter) has accused the MEW team of engaging in undisclosed paid promotions.
According to the account, influencers were allegedly offered significant sums, such as 250,000 USDC, to promote MEW without disclosing these payments.
These claims have raised concerns about potential federal investigations into the practices of involved influencers.
Despite the controversy, MEW’s market presence continues to grow, reflecting both the speculative interest in meme coins and the challenges facing new entrants in the cryptocurrency market.