John Maynard Keynes, the father of macroeconomics, proposed the concept of 'animal spirits,' believing that the market is driven by investor confidence and expectations. MEME is undoubtedly the cryptocurrency asset that is the highest indicator of 'animal spirits,' deeply influenced by community sentiment. Interestingly, animal-related MEMEs are also the most influential and highest in market value among all MEMEs, perhaps because the little animals around us can evoke collective resonance.
Recently, with the dust settling from the US elections, Bitcoin successfully broke through the $100,000 milestone, officially kicking off the altcoin craze. A series of cultural symbols derived from animal concepts, such as dogs, frogs, and cats, have also emerged as significant players in this wave, becoming one of the most worthwhile sectors to invest in. Among cat-themed Meme projects, 'cat in a dogs world' (MEW) stands out the most.
In March of this year, MEW was launched on the Solana blockchain, standing out in the crowded Solana ecosystem of Meme coins through its unique cat-themed narrative. In just about six months, it has entered the ranks of crypto 'unicorns' (i.e., with a market cap exceeding $1 billion) and the 'Top 100' of cryptocurrencies, making its path to success worthy of attention.
Setting new price highs twice in a week, with market capitalization exceeding $1 billion
Earlier this September, MEW was listed on Upbit, Korea’s largest cryptocurrency exchange, supporting two trading pairs: BTC and Tether (USDT). Although its price did trigger a brief surge at that time, it failed to break through the historical high of March.
On October 21, Upbit announced the launch of the MEW Korean won trading pair MEW/KWR, making MEW the third Meme coin on Upbit to support the fiat currency Korean won (the other two being DOGE and SHIB). Following this news, MEW quickly gained a double-digit increase and reached a high of $0.01, with trading volume on Upbit surpassing Bitcoin, ranking first on the platform.
MEW has been actively promoting its listing on mainstream CEX platforms such as OKX, Bithumb, Gate, Bybit, and Bitget. On October 24, the cryptocurrency exchange Bitstamp announced the launch of two trading pairs for MEW: MEW/USD and MEW/EUR, providing a significant boost to the continuously rising MEW. As expected, on the evening of October 24, MEW's market value surged past $1 billion, setting a new high.
Additionally, the MEW contract is another noteworthy indicator. Besides being listed on top global cryptocurrency trading platforms like Binance and Coinbase, some decentralized derivative trading platforms are also actively promoting support for MEW. On October 22, MEW perpetual futures were launched on Kwenta and Synthetix (Layer 2 on Base), and prior to that, the decentralized on-chain perpetual contract platform Drift Protocol also added support for MEW perpetual futures.
Coinglass data shows that since the beginning of October, the daily average holding volume of MEW contracts on exchanges has remained within the $100 million range (with a peak touching $215 million). Generally speaking, an increase in cryptocurrency contract holdings indicates that more traders are opening positions. An increase in holdings when prices rise often suggests enhanced confidence among market participants regarding the project.
(Image source: Coinglass, captured on December 3, 2024)
Unique Meme spirit and MEW's cultural mission
Undoubtedly, MEW has successfully entered the first tier of Meme coins. As a newcomer born this year, how has MEW attracted widespread attention and real financial support from the community in such a short time? This is a question that other MEME or crypto projects should contemplate.
In fact, from a fundamental logic perspective, MEW is not merely a celebration of digital assets; it represents a brand new cultural phenomenon and business model, connecting cat lovers around the globe through blockchain technology to collectively build a decentralized, open, and inclusive virtual world and a new digital cultural ecosystem.
What surprises and astonishes most about MEW is its subversion of the cute image of cats, adopting a symbolic 'appearance' that rebels against tradition and pursues innovation. This image forms a strong contrast with dog-themed Meme projects like the silly DOGE and cartoonish SHIB, symbolizing a challenge to traditional authority and protection of vulnerable groups, deeply attracting those who seek individuality and freedom.
Based on its disruptive image, MEW conveys threefold cultural connotations, namely:
Rebellion and chivalrous spirit (cats against dogs imagery)
Humanistic care (attending to the needs and fairness of a broader user group)
Unity and progress (creating a friendly and mutually supportive community atmosphere)
Why the 'rebel' cats? In internet culture, cats often represent independence, mystery, and aloofness, forming a stark contrast to the loyalty and docility of traditional dogs. This contrast not only attracts attention but also grants cats a unique cultural symbol. By opposing the images of cats and dogs, it challenges the inherent meanings of traditional cultural symbols and reflects the pursuit of innovation and breakthroughs, aligning perfectly with MEW's rebellious image.
MEW is not just a simple rebellion; it embodies a chivalrous spirit that fights for the broader community's interests. This spirit resonates perfectly with subculture users in the connected era, who pursue personalized expression and question traditional culture. MEW cleverly caters to this trend by combining the image of cats with the decentralized concept of cryptocurrency, symbolizing a challenge to the traditional financial system while expressing a desire for a fairer and more open financial system, thus protecting the interests of community members through resistance to traditional financial systems.
From Meme to Global Cultural IP
MEW has evolved from a simple Meme into a cultural IP phenomenon with a complete story and spiritual core, marking a fascinating transformation.
From a simple Meme image, MEW has gradually evolved into an IP with rich cultural connotations. Unlike the various popular pet-themed, emoji, and conceptual Memes, MEW possesses its own complete story and spiritual core, moving towards true cultural accumulation. It has detached from the market emotional gambits caused by social dissemination and price fluctuations in the early stages. Its distinct image and spiritual core, along with exposure through various channels, have allowed community consensus to coalesce.
1. Unique original IP storyline: MEW's original IP storyline is very unique. It tells the story of a cat that, in a dog-dominated world, challenges traditional notions through its intelligence and courage, showcasing the journey of a little cat from being rescued to becoming a hero, establishing its own cat-themed community. MEW represents a rebellious spirit; it refuses to be defined by the mainstream, daring to explore new possibilities while emphasizing the importance of community by creating a platform for free expression and mutual support within the MEW community.
The complete storyline provides unlimited possibilities for MEW's IP expansion and injects rich cultural connotations into MEW, allowing it to transcend simple digital assets and become a cultural symbol. Whether through derivative animations, games, or peripheral products, the story can unfold, and MEW's growth story, filled with inspiration and hope, resonates emotionally with users. This emotional connection is a vital cornerstone for user loyalty.
In fact, MEW's unique rebellious cat image has gradually developed into a core community identity, generating a wealth of memes, emojis, and other linguistic symbols within the crypto community. These symbols are widely disseminated among community members, forming a unique cultural context, and facilitating MEW's transformation from a Meme internet phenomenon into a long-lasting IP.
2. Strong original IP advantage: Compared to traditional Meme projects, MEW's design is entirely original, undoubtedly one of its biggest advantages. Originality is the foundation of intellectual property protection, providing legal assurance for MEW's IP commercialization and branding, eliminating concerns over copyright disputes, and laying a solid foundation for MEW's journey from Web3 to a global cultural IP in Web2.
Original design has given MEW a unique visual style and memorable image points, allowing it to stand out among numerous Memes and infusing it with soul to bear deeper cultural connotations and values. Moreover, as an original IP, MEW can more easily collaborate with various brands, leveraging the power of the internet to achieve a crossover from Web3 to Web2, thereby expanding brand influence and providing greater space for its future development.
3. Excellent design level: MEW excels in design, and its collaboration with the renowned animation studio LOCUS is a significant enhancement. Design is also the core engine of MEW. Creating an IP relies on MEW's team's continuous high-quality design delivery capability. The high-quality emojis, animated shorts, and website presentations showcase the warmth and dedication of the MEW project team. Furthermore, the excellent design level also broadens MEW's brand communication channels, as high-quality animated works can intuitively showcase MEW's brand image, quickly reaching more audiences, expanding brand influence, and enhancing user recognition and favorability towards the brand, vividly telling the MEW story.
In summary, MEW is based on a complete storyline and independent original IP, bringing rare deep and complete narratives in the Crypto market. This Meme concept, rooted in cultural accumulation, is unique in the current cryptocurrency market; thus, MEW's IP value will naturally rise, and as the IP value continues to increase, it will undoubtedly attract more users to participate, leading to a positive development cycle for the project itself and further expanding potential external revenue.
It is no exaggeration to say that the MEW case provides us with an excellent template, proving the importance of not being limited to the Meme concept and actively expanding the value of global cultural IP.
Market strategy and leadership in 'cat-themed' culture
MEW adopted a fair launch strategy upon its inception, locking 90% of its LP on Solana. On March 27, MEW airdropped 5% of its tokens to holders of WIF and BONK. On April 1, MEW conducted a second airdrop, distributing 37,600 MEW tokens (then worth about $200) to each user wallet that pre-ordered the second model of the Solana Mobile smartphone. The MEW project team has conducted multiple airdrop activities for different user groups at various times, reflecting the concept of equitable distribution. This approach has created a balanced and sustainable growth model for MEW tokens and established a strong and active community around MEW tokens, helping MEW carve out a niche in the fiercely competitive cryptocurrency market.
It is worth mentioning that MEW's choice to list on several mainstream exchanges like OKX, Upbit, and Bithumb is a very astute market strategy.
As shown in the figure below, the trading volume share from major exchanges indicates that MEW's spot trading has not shown an overly centralized trend. Even some top cryptocurrency exchanges have trading volume shares not exceeding 30%. This reduces reliance on any single exchange; even if an issue arises with a certain exchange, it will not significantly affect the overall trading of MEW. Moreover, the 'competition' among multiple exchanges can provide MEW with deeper trading depth, increasing liquidity, and facilitating smoother transactions for users. The relatively balanced trading volume also suggests that MEW's user base is widely distributed, with no single exchange holding absolute dominance, which is beneficial for maintaining market competition dynamics and protecting user interests.
(Image source: CoinGecko, captured on December 3, 2024)
In addition to the aforementioned exchanges, MEW has also been listed on exchanges like Kraken and Gemini, receiving endorsements that greatly enhance its credibility. After passing stringent reviews from these compliant exchanges, the quality of the MEW project and its cryptographic legitimacy have gained authoritative recognition. Through collaboration with multiple exchanges, MEW can reach investors globally, expand its market share, and subsequently provide deeper trading depth and increased liquidity, as the user groups of different exchanges have distinct characteristics that will bring more diverse types of investors to MEW.
MEW also plays a leading role in the 'cat-themed' culture. Currently, the Meme market is decentralized, with many projects struggling to form synergy. There are phenomena of 'low positive externalities' and 'vacuum periods' in the market. MEW breaks through the traditionally dog-themed Meme-dominated market with its unique 'cat-themed' image, opening up new blue oceans for the Meme market and successfully breaking the market's homogeneity.
In a fiercely competitive market, only products with uniqueness can stand out, and an active, cohesive community is essential for project success. MEW actively builds a friendly public discourse space, leading to sustained growth in the cat-themed sector and creating positive externalities. First, MEW has driven the expansion of the entire Meme sector, surprising the crypto community by revealing that the market is not solely dominated by 'dog-themed' Memes, thereby stimulating interest in other 'cat-themed' Memes and promoting innovation across the Meme industry. Secondly, positive externalities are also reflected in the continuous enrichment of the market ecosystem. Different types of Meme images and IP brands enrich market diversity, satisfying diverse user needs and ultimately enhancing the market value and social recognition of the entire Meme industry.
Cat lovers are spread across the globe, and the market is vast. Compared to the already relatively saturated dog-themed Meme sector, the cat-themed Meme sector has greater development potential. MEW's reopening of the cat-themed Meme sector is not merely capitalizing on the existing market of DOGE and SHIB, but rather a forward-thinking strategic decision that avoids direct competition with these 'veteran' Meme coin projects, reducing market pressure, and the growth potential and market value will not be limited by the ceilings set by DOGE and SHIB.
Compared to fleeting Memes, building a vibrant brand can bring lasting value. MEW chooses to position itself as a brand builder rather than merely remaining at the Meme level, showcasing its foresight. Brands can attract various types of users, not just cryptocurrency enthusiasts, and bring more business opportunities to MEW. The future holds great potential, such as developing anime, games, and peripheral derivatives based on MEW, or collaborating with other brands for co-branded launches. Through continuous brand forging, MEW has the potential to become a globally recognized IP like 'Hello Kitty.'
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