Cat-Themed SHIB Rival Listed on Leading US Exchange

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As an analyst with over two decades of experience in the financial markets, I’ve seen countless trends come and go, but none quite as intriguing as the meme coin phenomenon. The recent listing of MEW on Kraken, the cat in a dog’s world, is no exception.

In simple terms, Kraken, a well-known cryptocurrency exchange, recently added support for the “cat among the pigeons” (MEW) meme token, as announced on Thursday.

Contrary to what the listing suggests, the value of MEW has dropped significantly – over 15%, in fact – within the last day, as indicated by data from CoinGecko.

Cats vs. dogs  

In March 2024, a token called MEW (operated on Solana) was introduced with an aim to rival the popularity of dog-themed meme coins. Similar to many other humorous digital currencies, it lacks specific practical applications.

Currently, MEW is the meme coin with the poorest performance among all meme coins that have a market capitalization exceeding half a billion dollars.

To clarify, there isn’t just one cat-themed meme cryptocurrency that has seen a double-digit price decrease in the last 24 hours; both Popcat (POPCAT) and Mog Coin (MOG) have experienced a drop of approximately 12.1% within this timeframe.

Compared to Dogecoin (DOGE), the popular meme coin based on a dog image, has decreased by less than 5%. On the other hand, its main competitor, Shiba Inu (SHIB), has dropped by approximately 5.5%. Interestingly, none of the major canine meme coins have experienced a fall of more than 10%.

For now, it seems like the canine coins definitely have gained the upper paw. 

Kraken’s recent listings 

This month, Kraken has additionally included EigenLayer (EIGEN) – the indigenous token of its corresponding restaking platform – in its supported list.

MEW and Goldfinch (GFI) appeared on the list of available cryptocurrencies last month. 

In late August, the exchange introduced new margin pairs for SOL and DOGE. 

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2024-10-08 21:47