- Several Coinbase subsidiaries add three highly popular tokens to their offerings.
- Cat in a Dog’s World enters a severe market correction after a triple-digit bull run.
- Coinbase’s perpetuals enables investors to use leverage without asset ownership.
Coinbase, the largest American crypto exchange, decided to expand the platform’s Futures offerings to include a more diverse range of meme currencies. Beginning the announcement with a question: “Feeling like a cat in a dog’s world?”, Coinbase made a reference to MEW, an upcoming cat-themed token that managed to successfully break into the TOP 100 by global market cap for a brief period.
Currently, the #122 ranked feline crypto Cat in a Dog’s World (MEW) is trading at $0.0061, sporting a market capitalization of $542 million, according to CoinGecko. Notably, this meme coin reached its all-time peak on March 31, 2024, during the most successful meme coin bull cycle. Approaching $0.01, MEW stopped at $0.009716 and had retraced 37.7% since then.
Cat in a Dog’s World (MEW) comes as an unlikely competitor in the meme currency sector that’s been primarily dominated by dogs. With a capped max supply of 88,888,888,888, MEW is technically still scarcer than Bonk (BONK), Floki (FLOKI) or this year’s top performer Pepe Coin (PEPE).
However, MEW’s main competitor for a comfortable spot in crypto’s global charts is Solana’s PopCat (POPCAT), another cat-themed meme coin that has a similar market cap to MEW, but is limited to 979,978,694 tokens. Aside from the feline-decorated MEW, Coinbase listed two other crypto currencies with a similar token supply.
Meme Coins Gain Traction Amid Price Fluctuations
Slated to go live on or after 9:30 AM UTC on August 8, 2024, Cat in a Dog’s World (MEW) is joined by Memecoin (MEME) and JasmyCoin (JASMY). The three perpetual trading pairs would allow crypto traders on Coinbase’s International and Advanced subsidiaries to speculate on the prices of MEW, MEME and JASMY by placing leveraged positions without actually owning the digital assets.
Despite the welcoming approach by Coinbase, two of the freshly-arrived crypto currencies faced double-digit setbacks. Whilst the Solana-based Cat in a Dog’s World (MEW) dropped by 17% on a 7-day basis, Ethereum’s Memecoin (MEME) plunged by nearly 15% during the same period. Currently trading at $0.01306, Memeland’s playful MEME token has backtracked 76.8% since hitting the all-time high of $0.056 on March 4, 2024.
On the Flipside
- Despite listing, all three aforementioned digital assets have witnessed a decline in trader interest over the past few days.
- As of press time, the Chaikin Money Flow (CMF) technical indicator hovered below zero on MEME, MEW and JASMY.
- CMF measures whether more accumulation or distribution has taken place, indicating a bullish or bearish trend.
Why This Matters
Positive developments like listings or adoption cases typically improve the general market sentiment.
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