Solana Cat Coin Craze: "Cats in a Dogs World" (MEW) Roars into Top Contention

The Solana meme coin craze continues unabated as "cats in a dogs world" (MEW) skyrockets over 120% in 48 hours, surpassing $700 million in market cap. Endorsed by BitMex founder Arthur Hayes, MEW's popularity follows a surge in value for dogwifhat (WIF), which recently dethroned Pepe (PEPE) as the third-largest meme coin. Despite criticism of their speculative nature, these assets continue to attract attention within the crypto community.

Solana Meme Coins Surge: "Cats in a Dogs World" (MEW) Emerges as a New Contender

The frenzy surrounding Solana meme coins shows no signs of abating, with the latest animal-themed token, "cats in a dogs world" (MEW), experiencing an explosive surge in value.

According to data from CoinGecko, MEW's price skyrocketed by over 120% on Friday, propelling its market capitalization to an impressive $513 million within just 48 hours of trading. The weekend witnessed further gains, with MEW reaching a peak of $0.008 and its market cap soaring past $700 million.

Support from Industry Veteran

The token's popularity may have received a boost after its endorsement on X by Arthur Hayes, the founder of the prominent cryptocurrency exchange BitMex. In a recent tweet, Hayes expressed his support for MEW, stating: "I went into the kitty litter tray and found $MEW. Meow bitches."

Controversy and Criticism

The surge in Solana meme coins has sparked both intrigue and criticism within the cryptocurrency community. Critics argue that these assets, lacking inherent utility or long-term value, overshadow projects with tangible use cases and well-defined roadmaps.

One such controversial token is Slerf (SLERF), which faced intense scrutiny after its developer allegedly "accidentally" burned $10 million worth of funds raised from presale investors. Despite the controversy, SLERF remains the fourth-largest meme coin on Solana, boasting a market cap exceeding $400 million.

WIF Overtakes PEPE

In other meme coin news, dogwifhat (WIF) continues to make headlines. As reported by CryptoPotato, WIF reached a milestone on Friday after surpassing $4.25 billion in market capitalization, becoming the third-largest meme coin and dethroning Pepe (PEPE).

At the time of writing, WIF had surged by 90% over the past week, trading at $4.28. Its monthly performance has been even more impressive, with an increase of nearly 450%.

Solana's Native Coin on the Rise

Meanwhile, Solana's native token, SOL, closed Saturday with a 4% gain, pushing its price above $195. Analysts cite promising weekly and monthly charts, suggesting that SOL could potentially reach $300 following the next Bitcoin halving.

Conclusion

The surge in Solana meme coins exemplifies the volatility and unpredictable nature of the cryptocurrency market. While some may view these assets as speculative investments, the endorsements from prominent industry figures and the resulting price movements indicate that their popularity is not waning anytime soon. However, investors are cautioned to approach these investments with due diligence and to be mindful of the risks involved.