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The host of the popular crypto channel Altcoin Daily has asserted that Solana meme coin MEW will “destroy” all dog-themed meme tokens like Shiba Inu and Dogecoin (DOGE).
Altcoin Daily expressed this view in an analysis exploring how the cat-themed meme coin could challenge established memes and potentially usurp their dominance.
A key factor in this argument is MEW’s advantage of being part of the burgeoning Solana ecosystem and its unique appeal as a cat-themed token in a market crowded with dog-related meme cryptocurrencies.
Moreover, the commentator drew on MEW’s recent partnership with IP giant LOCUS Animation Studios.
The Case for MEW Challenging Shiba Inu, Dogecoin
Altcoin Daily explained that MEW, dubbed “cat in a dog’s world,” captivates through its character, supporting characters, and storyline.
He argued that dogs have dominated the meme coin space for too long. But now, with the support of the Solana blockchain, MEW is emerging as a significant player. He believes the narrative behind MEW will transcend the crypto space itself.
He pointed out that MEW has a total supply of 88,888,888,888 tokens. Of this figure, 90% has been burned, and 10% airdropped to the Solana community.
Notably, this figure contrasts with what is obtainable with Shiba Inu and Dogecoin. Specifically, DOGE has a circulating supply of 144,636,806,384 tokens with no maximum cap. Meanwhile, SHIB has a maximum supply 1 quadrillion tokens, with over 410 trillion tokens staked and 589 trillion now in circulation.
Furthermore, Altcoin Daily highlighted critical metrics for MEW, such as its 184K holders and 100% circulating supply. MEW also boasts a DEX reliability score of 99/99 and a verified contract not flagged as a honeypot.
MEW Collab with LOCUS Animation Studios
Regarding the partnership with LOCUS Animation Studios, the goal is to animate the MEW ecosystem, telling the relatable tale of a lone cat navigating a world dominated by dogs.
The partnership seeks to expand MEW’s reach and appeal beyond the crypto sphere by leveraging animation’s storytelling and visual artistry.
Significantly, LOCUS Animation Studios is recognized for producing globally acclaimed intellectual properties. These include ‘Red Shoes’ and ‘Yumi’s Cells,’ which have been popular in Korea and distributed across 128 countries worldwide.
Exchanges Listing MEW
Furthermore, the host of Altcoin Daily also expressed admiration for the number of exchanges listing the MEW token for trading. Prominent centralized exchanges listing MEW include OKX, Bybit, Gate.io, HTX, KuCoin, MEXC, Bitget, and BingX.
Last Thursday, Bithumb listed MEW in the KRW market. On the DEX side, MEW is available on Raydium, Orca, and Solana exchange Jupiter.
Can MEW Surpass SHIB and DOGE?
Considering these factors, along with the success of meme coins launched on Solana, the pundit asserted that MEW would rival all dog-themed meme coins. Currently, MEW ranks as the tenth most prominent meme coin, with a cap of nearly half a billion dollars.
Meanwhile, Dogecoin and Shiba Inu boast much larger market caps of $21.3 billion and $13.77 billion, respectively. For MEW to surpass DOGE and SHIB, it would need to achieve a 30x increase, an astronomical surge that is unlikely without comparable increases for the established meme coins, making its journey to the top more challenging.
For instance, the Solana meme coin Dogwifhat (WIF) experienced more than a 20x surge in Q1 but did not come close to outranking Shiba Inu. Even at its all-time high on March 31, WIF’s market cap was still 5x below that of Shiba Inu.
In essence, the notion of MEW surpassing Dogecoin and Shiba Inu remains speculative and highly improbable.