- Coinbase’s various subsidiaries have added three popular tokens to their services.
- The cat in the dog is entering a serious market correction after a three-digit rally.
- Coinbase’s perpetual assets allow investors to leverage without owning the assets.
Coinbase, the largest cryptocurrency exchange in the U.S., has decided to expand its futures offerings to include a wider range of meme currencies. The announcement begins with a question. “Feeling like a cat in a dog world?”Coinbase mentioned MEW, an upcoming cat-themed token that has successfully entered the top 100 global market caps in a short period of time.
Currently, the #122 cat cryptocurrency Cat in a Dog’s World (MEW) is trading at $0.0061 and has a market cap of $542 million, according to CoinGecko. It is worth noting that this meme coin reached its all-time high on March 31, 2024, during the most successful meme coin bull cycle. As it approached $0.01, MEW stopped at $0.009716 and has since fallen 37.7%.
Cat in a Dog’s World (MEW) is an unexpected contender in the meme currency space, which has been dominated by dogs. With a limited max supply of 88,888,888,888, MEW is still technically scarcer than Bonk (BONK), Floki (FLOKI), or this year’s top gainer Pepe Coin (PEPE).
However, MEW’s main competitor for a comfortable spot on the global cryptocurrency charts is Solana’s PopCat (POPCAT). This is also a cat-themed meme coin, with a similar market cap to MEW, but with a token cap of 979,978,694. In addition to the cat-adorned MEW, Coinbase lists two other cryptocurrencies with similar token supply.
Meme Coins Gain Popularity Amid Price Volatility
Cat in a Dog’s World (MEW), scheduled to launch after 9:30 AM UTC on August 8, 2024, will be joined by Memecoin (MEME) and JasmyCoin (JASMY). These three perpetual trading pairs will allow cryptocurrency traders on Coinbase’s International and Advanced subsidiaries to place leveraged positions and speculate on the prices of MEW, MEME, and JASMY without actually owning the digital assets.
Despite Coinbase’s welcoming approach, the two newly launched cryptocurrencies have faced double-digit setbacks. Solana-based Cat in a Dog’s World (MEW) is down 17% over the past seven days, while Ethereum’s Memecoin (MEME) has plummeted nearly 15% over the same period. Currently trading at $0.01306, Memeland’s playful MEME token has fallen 76.8% since its all-time high of $0.056 on March 4, 2024.
On the other side
- All three digital assets mentioned above have seen a decline in trader interest over the past few days, despite being listed.
- As of the time of writing, the Chaikin Money Flow (CMF) technical indicator remains below 0 on MEME, MEW, and JASMY.
- CMF measures whether additional accumulation or distribution has occurred, indicating a bullish or bearish trend.
Why this matters
Positive developments, such as listings or adoptions, generally improve overall market sentiment.
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