Most recent update: [Dec 9, 2024]
What is MEW?
MEW is a cat-themed meme coin built on the Solana blockchain. Its purpose is to provide an alternative to the dog-themed meme coins, such as Dogecoin and Shiba Inu, which have been dominating the meme coin space. MEW aims to shake up the market with its cat branding and symbol, represented by a white cat thriving in a world of dogs. The cat’s playful image reflects MEW's mission to challenge the dog-centric meme coin landscape. Unlike dog-themed coins, MEW takes a different, more thoughtful approach to establish its presence in the ecosystem. It combines strategic tokenomics and launch tactics to capture the interest of the crypto community and carve out its niche in the highly competitive cryptocurrency subculture.
Since its launch, MEW has gained significant attention, quickly becoming the fourth-largest meme coin by market cap on the Solana blockchain and the second-largest cat-themed meme coin, just behind POPCAT. This growth reflects MEW’s broad appeal and its ability to attract a diverse and engaged community. Its branding based on the "Cat vs. Dog Rivalry" has fostered a strong sense of loyalty among its supporters. In addition, MEW is exploring further use cases such as integrating NFTs, staking, and cross-chain compatibility. These features have the potential to transform MEW from a trend-driven token into a functional asset with long-term utility. The development team and community together are committed to creating a lasting figure, focusing on adaptability and innovative development.
History
MEW has a rich development history that demonstrates its rapid rise and strategic growth within the cryptocurrency market. Launched on March 27, 2024, MEW was created to provide a cat-themed alternative to the dog-themed meme coins. The initial launch was marked by a targeted airdrop to users within the Solana ecosystem. This generated substantial hype, quickly expanding MEW's community base and establishing it as a promising new token in the market. Following its successful launch, MEW secured listings on major cryptocurrency exchanges such as OKX within weeks. These listings significantly increased MEW's trading volume and accessibility, attracting a broader audience and community interest. The strategic exchange listings also enhanced MEW's liquidity by allowing more users to trade and participate in the token.
On May 30, 2024, MEW took a significant step in expanding its brand by partnering with LOCUS Studio, a renowned animation studio in Korea, to create a new 3D animated series. This collaboration marked MEW as one of the first worldwide entertainment brands and retail product lines started by a meme coin community. Leveraging LOCUS's expertise in 3D animation, MEW captured the attention of film and TV audiences and further expanded its cultural appeal beyond the crypto community.
MEW's growth continued with its listing on the South Korean crypto exchange Upbit on October 21, 2024. The token was paired with the Korean Won (KRW), making it the third meme coin to achieve such a listing after DOGE and SHIB. On November 5, 2024, Binance announced the addition of MEW to its Futures Copy Trading platform, which provided additional trading opportunities and exposure.
Going beyond its current trajectory, MEW plans to enhance its utility with features like NFTs, staking, and cross-chain compatibility. It will continue to foster community engagement through interactive content and storytelling. However, token holders need to be aware of the inherent risks associated with meme coins. While MEW aims to differentiate itself, it remains susceptible to the unpredictable trends that characterize the cryptocurrency space.
How does it work?
MEW is built on the Solana blockchain, a high-performance decentralized network known for its scalability and low transaction fees. Unlike many meme coins that operate on slower blockchains like Ethereum, Solana enables faster transaction speeds and more cost-efficient operations. Additionally, Solana as a growing blockchain provides MEW with opportunities to integrate into a range of decentralized applications and DeFi projects.
In terms of its distribution, MEW tokens follow a specific model designed to promote stability. A significant 90% of the total token supply was burned as liquidity pool tokens. The burning strategy helps minimize extreme volatility by limiting the number of available tokens in circulation. The remaining 10% of MEW’s supply was allocated for airdrops to generate market interests and establish loyal user base, specifically targeted to the Solana community.
MEW is exploring several potential use cases to enhance its value and functionality beyond being just a meme coin. One key area of development is the integration of NFTs, which would allow users to collect or trade unique digital assets associated with the MEW brand. Staking is also on the roadmap, offering holders the opportunity to earn rewards by locking their tokens in a secure staking pool, further incentivizing community participation. Another area under consideration is cross-chain compatibility, which would enable MEW to operate on multiple blockchain networks and reach a wider audience of users. This would make the token more versatile, allowing it to be used in various DeFi platforms, exchanges, and applications across different ecosystems.
The MEW Token and Tokenomics
MEW has a total supply of 88,888,888,888 tokens, with 90% of its liquidity pool tokens burned. The remaining 10% of the total supply was allocated for an airdrop to the Solana community. As of December 9th, 2024, MEW's market cap was approximately US $700 million.
Security
MEW is built on the Solana blockchain, which means it inherits all the security benefits of Solana's infrastructure. The decentralized and immutable nature of the blockchain ensures that all transactions involving MEW are secure and transparent. Proof of History (PoH) and Proof of Stake (PoS) mechanisms further enhance the security of the token by providing a verifiable order of events and reducing the risk of attacks. This makes MEW transactions reliable and resistant to tampering.
In addition, Solana also uses rigorous security auditing practices for smart contracts before they are deployed on the network. This includes automated vulnerability checks and third-party audits to identify potential issues such as reentrancy attacks, buffer overflows, and other common smart contract vulnerabilities. This immutability prevents unauthorized changes and ensures that the terms of the contract are always enforced as written. Also, MEW's smart contracts undergo rigorous code audits and implement best practices in access control to minimize vulnerabilities.
MEW's security extends beyond the technical framework of its blockchain and smart contracts. The token owns the intellectual property rights to its memes and character, which adda an extra layer of legitimacy and protection. By holding these rights, MEW ensures that its brand and content are safeguarded from unauthorized use, reducing the likelihood of scams, counterfeit versions of the coin, or fraudulent representations.
Drawbacks and risks
The regulatory landscape for cryptocurrencies is still evolving, and this uncertainty poses significant risks for MEW. Different countries have varying regulations, and a lack of consistent global standards can create challenges for users and investors. Regulatory bodies in one or multiple jurisdictions may impose restrictions, which could impact MEW's accessibility and, in turn, affect its overall value. Additionally, without clear regulations, investors might be vulnerable to fraud, scams, and market manipulation.
The anonymity of MEW's development team raises concerns about the project’s reliability. Typically, a transparent and experienced team can enhance the trustworthiness of a cryptocurrency project. The lack of information about MEW's developers makes it difficult to evaluate the project's prospects and direction. This uncertainty can lead to skepticism, eroding the confidence of token holders and potentially affecting the coin's long-term sustainability. Transparency regarding the development team and the project’s roadmap is crucial for fostering accountability within the community.
Most importantly, like many other meme coins, MEW is subject to significant price volatility due to its speculative nature and reliance on market sentiment. This volatility can result in rapid price fluctuations, influenced by hype, social media trends, or large buy/sell orders. "Whale" (individuals or entities holding significant amounts of the coin) activities can also drastically impact its price. Additionally, liquidity risks can arise if there is insufficient market depth, making it difficult to buy or sell significant amounts of MEW without affecting the price.
Due Diligence
Before listing MEW on the VirgoCX Platform, VirgoCX performed due diligence on MEW and determined that MEW is unlikely to be a security or derivative under Canadian securities legislation. VirgoCX’s analysis includes reviewing publicly available information on the following:
- The creation, governance, and location of MEW and/or its primary development team;
- The supply, demand, maturity and liquidity of MEW; and
- Legal and regulatory risks associated with MEW.
Statutory Rights under Securities Legislation
VirgoCX is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re VirgoCX Inc. dated May 30th 2024 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada do not apply in respect of the Crypto Fact Sheet to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.
Further Reading
To learn more about the technology behind MEW, check out these in-depth resources here:
- The official site of MEW
- Coinmarketcap’s overview of MEW
- Coingecko’s tokenomics overview of MEW
- Coinbase’s overview of MEW, along with the relevant news and blogs related to MEW.
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