The father of macroeconomics, Keynes, once proposed the concept of "animal spirits," believing that the market is driven by investor confidence and expectations. MEME is undoubtedly the cryptocurrency asset that best reflects the "animal spirits," heavily influenced by community sentiment. Interestingly, animal-themed MEMEs are also the most influential and highest market cap among all MEMEs; perhaps the small animals around us can evoke the strongest collective resonance.

Recently, with the dust settling from the U.S. elections, Bitcoin successfully broke the $100,000 milestone, officially kicking off the altcoin craze. A series of cultural symbols derived from the animal concept, such as dogs, frogs, and cats, have emerged as one of the most promising sectors in this wave, with the cat-themed MEME project "cat in a dogs world" (MEW) standing out the most.

Launched in March this year on the Solana blockchain, MEW distinguished itself in the crowded Solana ecosystem of MEME coins through its unique cat-themed narrative. In just about six months, it joined the ranks of crypto "unicorns" (i.e., with a market cap exceeding $1 billion) and entered the "Top 100" of cryptocurrency market capitalization, making its success worth noting.

Two Price Highs in One Week, Market Cap Surpasses $1 Billion

MEW was previously listed on Upbit, South Korea's largest cryptocurrency exchange, in September this year, supporting BTC and Tether (USDT) trading pairs. Although its price did see a brief surge at that time, it failed to break the historical high from March.

On October 21, Upbit announced the launch of the MEW/KWR trading pair, making MEW the third MEME coin on Upbit to support the Korean won (the other two being DOGE and SHIB). Following this news, MEW quickly saw a double-digit increase, reaching a high of $0.01, and at one point, its trading volume on Upbit surpassed that of Bitcoin, ranking first on the platform.

MEW has been actively promoting its listing on mainstream CEXs such as OKX, Bithumb, Gate, Bybit, and Bitget. On October 24, the cryptocurrency exchange Bitstamp also announced the launch of MEW/USD and MEW/EUR trading pairs, providing a significant boost to the already rising MEW. As expected, on the evening of October 24, MEW's market cap surged past $1 billion, setting a new record.

Additionally, MEW contracts are another noteworthy indicator. In addition to being listed on major global cryptocurrency trading platforms like Binance and Coinbase, several decentralized derivative trading platforms are also actively promoting support for MEW. On October 22, MEW perpetual futures were launched on Kwenta and Synthetix (a Layer 2 chain on Base), and the decentralized on-chain perpetual contract platform Drift Protocol also added support for MEW perpetual futures.

According to Coinglass data, since the beginning of October, the daily average open interest for MEW contracts on exchanges has remained in the $100 million range (with a peak of $215 million). Generally speaking, an increase in open interest for cryptocurrency contracts indicates that more traders are opening positions, and an increase in open interest when prices rise often signifies enhanced confidence among market participants in the project.

(Above image source: Coinglass, captured on December 3, 2024)

Unique Meme Spirit and MEW's Cultural Mission

There is no doubt that MEW has successfully entered the first tier of MEME coins. As a newcomer born this year, how did MEW attract widespread attention and real financial support from the community in such a short time? This is a question worth pondering for other MEME or crypto projects.

In fact, from a fundamental perspective, MEW is not just a celebration of digital assets; it represents a new cultural phenomenon and business model, connecting cat lovers worldwide through blockchain technology to build a decentralized, open, and inclusive virtual world and a new digital cultural ecosystem.

What is most surprising and unexpected about MEW is that it subverts people's cute image of cats by adopting a symbolic "appearance" that rebels against tradition and pursues innovation. This image forms a strong contrast with the adorable DOGE and cartoonish SHIB dog-themed MEME projects, symbolizing a challenge to traditional authority and protection of the underprivileged, deeply attracting users who seek individuality and freedom.

Based on its disruptive image, MEW conveys three cultural connotations:

• Rebellion and chivalry (the image of cats fighting against dogs)

• Humanistic care (addressing the needs and fairness of a broader user group)

• Unity and progress (creating a friendly and supportive community atmosphere)

Why a "rebellious" cat? In internet culture, cats often represent independence, mystery, and aloofness, contrasting sharply with the loyalty and docility of traditional dogs. This contrast not only attracts attention but also endows cats with a unique cultural symbol. By opposing the images of cats and dogs, it challenges the inherent meanings of traditional cultural symbols, reflecting a pursuit of innovation and breakthrough, which aligns perfectly with MEW's rebellious image.

MEW is not merely a rebellion; it embodies a chivalrous spirit that fights for the broader community's interests. This spirit resonates perfectly with subcultural users in the connected age, who pursue personalized expression and question traditional culture. MEW cleverly caters to this trend by combining the cat image 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, protecting community members' interests through resistance to the traditional financial system.

From Meme to Global Cultural IP

The evolution of MEW from a simple Meme to a cultural IP phenomenon with a complete story and spiritual core is a fascinating transformation.

From a simple Meme image, MEW has gradually evolved into an IP with rich cultural connotations. Unlike the various popular pets, emojis, and conceptual MEMEs, MEW has its own complete story and spiritual core, leading to genuine cultural sedimentation. It has moved away from the early market sentiment battles caused by social dissemination and price fluctuations, with its distinct image and spiritual core, along with exposure through various channels, allowing 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, uses its wisdom and courage to challenge traditional notions, showcasing a journey from being rescued to growing into a hero, establishing its own cat community. MEW represents a rebellious spirit; it refuses to be defined by the mainstream and bravely explores new possibilities while emphasizing the importance of community. By establishing the MEW community, it provides a platform for free expression and mutual support.

The complete storyline offers infinite possibilities for the extension of MEW's IP and injects rich cultural connotations into it, allowing it to transcend mere digital assets and become a cultural symbol. Whether through derivative animations, games, or peripheral products, this story can be developed, and MEW's growth story is filled with inspiration and hope, resonating emotionally with users. This emotional connection is a crucial foundation for user loyalty.

In fact, MEW's unique rebellious cat image has gradually developed into a community core, 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 propelling MEW from a Meme network phenomenon into a long-lasting IP.

2. Strong Original IP Advantage: Compared to traditional Meme projects, all of MEW's designs are original, which is undoubtedly one of its greatest advantages. Originality is the foundation of intellectual property protection, providing legal assurance for MEW's IP commercialization and branding, eliminating concerns about copyright disputes, and laying a solid foundation for MEW's journey from Web3 to a global cultural IP in Web2.

Original design also gives MEW a unique visual style and memorable image, allowing it to stand out among numerous MEMEs and injecting soul into it, enabling it to carry deeper cultural connotations and values. Moreover, being an original IP allows MEW to collaborate more easily with various brands and leverage the internet's dissemination power to achieve a leap from Web3 to Web2, expanding brand influence and providing broader space for future expansion.

3. Excellent Design Level: MEW has demonstrated outstanding performance in design, and its collaboration with the renowned animation studio LOCUS has been a significant enhancement. Design is also the core engine of MEW; building an IP relies on the MEW team's continuous high-quality design delivery capabilities. The high-quality emojis, animated shorts, and official website showcase the warmth and dedication of the MEW project team. Additionally, the excellent design level further broadens MEW's brand communication channels, as high-quality animated works can intuitively showcase MEW's brand image, quickly reaching a larger audience, expanding brand influence, and enhancing user recognition and affinity for the brand, vividly telling the story of MEW.

In summary, based on a complete storyline and independent original IP, MEW brings a rare deep narrative to the Crypto market. This culture-sedimented Meme concept is unique in the current cryptocurrency market, and MEW's IP value naturally rises. As the IP value continues to increase, it will undoubtedly attract more users to participate, leading to a virtuous development cycle for the project itself, further expanding potential external revenue, and ultimately achieving a positive growth loop.

It is not an exaggeration to say that the MEW case provides us with an excellent model, proving the importance of not being limited to the Meme concept while actively expanding the value of global cultural IP.

Market Strategy and Leading the "Cat Track" Culture

MEW adopted a fair launch strategy and locked 90% of the 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 (worth about $200 at the time) to each user wallet that pre-ordered the second Solana Mobile smartphone. The MEW project team has conducted multiple airdrop activities for different user groups at various times, reflecting the idea of equitable distribution, thereby creating a balanced and sustainable growth model for the MEW token and better establishing a strong and active community around the MEW token, helping MEW carve out a niche in the competitive cryptocurrency market.

It is worth mentioning that MEW's choice to launch on several mainstream exchanges such as OKX, Upbit, and Bithumb is a very shrewd market strategy.

As shown in the chart below, the trading volume distribution across major exchanges indicates that MEW's spot trading has not exhibited excessive centralization, with even the leading cryptocurrency exchanges not exceeding a 30% share of the trading volume. This move reduces reliance on any single exchange, meaning that even if one exchange encounters issues, it will not significantly impact MEW's overall trading. Moreover, the "competition" among multiple exchanges can provide MEW with deeper trading depth, enhance liquidity, and facilitate smoother transactions for users. The relatively balanced trading volume also suggests that MEW's user base is widely distributed, with no single exchange holding an absolute advantage, which helps maintain market competition and protect user interests.

(Above image source: CoinGecko, captured on December 3, 2024)

In addition to the aforementioned exchanges, MEW has also launched on Kraken and Gemini, gaining endorsements that significantly enhance MEW's credibility. After undergoing strict reviews by these compliant exchanges, MEW's project quality and crypto legitimacy have received authoritative recognition. Through partnerships with multiple exchanges, MEW can reach investors globally, expand its market share, and subsequently provide deeper trading depth and improved liquidity. The user groups from different exchanges have distinct characteristics, which will bring a wider variety of investors to MEW.

MEW also plays a leading role in the "cat track" culture. The current Meme market is decentralized, with many projects struggling to form a cohesive force, leading to phenomena of "low positive externalities" and "vacuum periods" in the market. MEW has broken through the traditionally dog-dominated Meme market with its unique "cat-themed" image, opening up a new blue ocean 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 a project's success. MEW actively builds a friendly public discourse space, leading to sustained growth in the cat track and creating positive externalities. First, MEW has driven the expansion of the entire Meme track; its success has surprised the crypto community by revealing that the market is not solely dominated by "dog-themed" Memes, further stimulating interest in other "cat-themed" Memes and promoting innovation across the entire Meme industry. Secondly, positive externalities are also reflected in the continuous enrichment of the market ecosystem, where different types of Meme images and IP brands enhance market diversity, catering to various user needs, ultimately increasing the market value and social recognition of the entire Meme industry.

Cat lovers are spread across the globe, and the market size is enormous. Compared to the relatively saturated dog Meme track, the cat Meme track has greater development potential. MEW's re-opening of the cat Meme track is not merely capitalizing on the existing market of DOGE and SHIB; it is undoubtedly a forward-looking strategic decision that can also avoid direct competition with established Meme coin projects like DOGE and SHIB, reducing market pressure and allowing for growth potential and market cap that are not limited by the ceilings set by DOGE and SHIB.

Compared to fleeting Memes, building a vibrant brand can bring more lasting value. MEW has chosen to position itself as a brand creator rather than merely remaining at the Meme level, demonstrating its foresight. A brand can attract a wider variety of users, not just cryptocurrency enthusiasts, but also bring more business opportunities to MEW. The future holds significant imaginative potential, such as developing anime, games, and peripheral products based on MEW, as well as collaborating with other brands for co-branded launches. Through continuous brand building, MEW has the potential to become a globally recognized IP like "Hello Kitty."

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