Cat in a Dogs World MEW/USD experienced a staggering 25,000% gain in the past 24 hours, propelling its market cap to a preliminary peak of $325 million.
What Happened: According to Lookonchain data, one trader invested $35,000 in MEW and transformed it into a whopping $8.9 million in less than two hours. The trader purchased 4.41 billion MEW tokens using 178.2 Solana tokens.
Within two hours, the value of the MEW tokens skyrocketed to $8.9 million, resulting in an unrealized profit of $8.89 million and an astounding 255x return.
Another trader spent 5,490 SOL, worth $1.07 million, to buy 10.8% of the entire token supply. The trader is sitting on unrealized profits of over $20 million.
However, it is worth remembering that such instances often involve those who create the coin and insider traders with access to information not available to the public.
Hawksight, a Solana yield optimizer, announced that the MEW liquidity pool is now available on its platform. The yield optimizer is encouraging users to “earn yield with $MEW to take advantage of its trading fees.”
Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, will bring industry leaders and investors together to discuss the future of digital asset investments.
Also Read: Trader Makes 12,000X Profit In 3 Months With Meme Coin Trading By Following These Rules
Why It Matters: Unipcs, also known as the Bonk Guy, recently tweeted that with MEW reaching a $300 million valuation within hours, it’s clear that the current bull cycle has a strong appetite for cat coins. He noted that these cat coins are currently undervalued compared to their canine counterparts.
Recently launched BOME is trading 5.5% higher in the past 24 hours, while similar market capitalization coins like Slerf and Maga have seen gains of 38% and 6.6%, respectively.
With numerous Solana meme coins launched in recent months, crypto screeners and scanners will prove invaluable for traders looking to identify the most promising investment opportunities.
Join industry titans like Tim Draper and Jan Van Eck at Benzinga’s Future of Digital Assets conference on Nov. 19.
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