MEW Meme Token Surpasses Bitcoin (BTC) in Korean Trading Volume

The MEW meme token has surged in popularity in the South Korean market, surpassing Bitcoin (BTC) in daily trading volumes. MEW’s rise is fueled by a trend of cat-themed memes, making it one of the few meme assets with a dedicated following among South Korean traders.

Dominance on Bithumb and trading activity

MEW, also known as “Cat in a Dog’s World,” has become the most traded asset on Bithumb in a pairing with the South Korean won (KRW). Despite not being among the top meme tokens valued at over $1 billion, MEW maintains a loyal fanbase and active trading history. Recently, MEW overtook Book of Meme (BOME), which has seen a decline in interest.

The token’s recent rally followed the launch of MIGGLES tokens, inspired by the Mr. Miggles NFT by Coinbase. Meme tokens like MEW have demonstrated a strong potential for significant price increases compared to older tokens or altcoins.

Trading performance and market presence

MEW began trading in April and has since been listed on OKX and Bithumb. Bithumb, in particular, has boosted MEW’s trading volumes in the past week, with volumes nearing $300 million. This marks the highest level since MEW’s listing on Bithumb. MEW trades at around $0.0073, having recently reached $0.008.

Despite its recent gains, MEW is not among the top gainers on the most active decentralized exchanges (DEX). However, the token is supported by active listings and is expected to continue its upward trend. MEW is a community-based token that encourages long-term holding and aims for higher price levels in the coming weeks.

The revival of cat-themed meme tokens has sparked renewed interest in the market. These tokens are generally community-focused, avoiding high-risk, rapid reselling models. Some cat meme projects aim to utilize available liquidity to achieve greater sustainability.

Market behavior and potential risks

MEW is held in over 7,000 daily active wallets and has a relatively wide distribution. However, the top wallets hold approximately 37% of the total supply. Bubble Maps’ analysis on July 23 revealed no suspicious wallet clusters or attempts at DEX manipulation.

MEW’s success highlights the influence of South Korean markets. These exchanges are often closed to international traders due to banking and KYC restrictions, creating a unique ecosystem. Around 70% of MEW trading occurs against USDT, with the remainder in KRW pairs, an unusual share of fiat pairing for a crypto asset.

South Korean exchanges have historically shown significant activity for older meme tokens like DOGE but have been cautious in listing newer memes. MEW is one of the first to break this trend, attracting considerable attention. Compared to other markets, the reduced meme fatigue in South Korea has contributed to the growing interest in cat-themed memes, potentially benefiting other tokens like Mog Coin (MOG) and Popcat (POPCAT). MEW remains the highest-valued cat-themed meme token and could become a leader in the sector.

After recent growth, the overall valuation of cat-themed tokens has reached $2.7 billion. MEW’s current valuation is not tied to a specific event, though viral TikTok memes or organized pumps on exchanges like Bithumb may have played a role. As MEW’s listing on Bithumb is recent, its full impact on trading data still needs to be reflected in all trackers.

MEW is expected to see further price action and popularity in the coming days. Traders anticipate a short-term correction, followed by another attempt to reach peak valuations. MEW has also introduced a bounty program on WhiteBit, offering airdrops for completing tasks or quests.

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