Upbit has announced the addition of a new digital asset to its KRW market: Cat in a Dogs World Coin, also known as $MEW.
Cat in a Dogs World Coin
Cat in a Dogs World Coin ($MEW) is a meme coin launched on the Solana network in March 2024. It tells the story of MEW, a cat determined to save everyone in a world dominated by dogs. While $MEW does not currently have specific utility, the team behind it envisions a growing network centered around the community. The coin has already attracted attention, with a market capitalization exceeding $317 million.
Upbit’s Announcement
On October 21, 2024, Upbit, a leading digital asset exchange, officially listed $MEW on its KRW market. The trading support for this digital asset began at 16:00 KST. Upbit has highlighted the importance of checking the correct network before making any deposits or withdrawals. For $MEW, transactions are only supported through the Solana network.
Trading Restrictions
Upbit has implemented several trading restrictions for $MEW to ensures a stability in trading. After trading support begins, buying orders will be restricted for approximately five minutes. Additionally, selling orders priced more than 10% below the previous day’s closing price will also face restrictions for about five minutes. All types of orders, except limit orders, will be limited for about one hour after trading starts.
The previous day’s closing price for $MEW in the BTC market was 0.00000013 BTC, equivalent to 12.21 KRW. Investors are encouraged to check this price before making any trades.
Deposit Guidelines
Upbit has provided clear guidelines for depositing $MEW. Deposits are only allowed through the Solana network, and users must verify their ownership of personal wallet addresses. If deposits come from exchanges that are not on Upbit’s approved list, they will not be processed, and it may take a long time to return any non reflectable deposits. For those depositing large amounts, proof of the source of funds may be required.
The Tokenomics of $MEW
$MEW has a unique tokenomics strategy. The project aims to create a stable price floor by burning 90% of its liquidity pool tokens. Additionally, it allocates 10% of its tokens to the Solana community through targeted airdrops, promoting engagement and support within the network.
Currently, $MEW does not have established utility, but the developers have plans for future applications. These may include games, tipping platforms, or exclusive NFT marketplaces, which could enhance the coin’s value and use case in the cryptocurrency community.
Market Performance
Since being listed on Upbit, $MEW has seen a lot of trading activity. It increased by 22%, reaching a new high of $0.010 after the announcement of the KRW trading pair. This makes $MEW the third meme coin on Upbit to secure a KRW trading pair, joining the ranks of popular coins like $DOGE and $SHIB. This listing highlights Upbit’s continued support for innovative and engaging projects in the cryptocurrency market.
Conclusion
This addition of Cat in a Dogs World Coin ($MEW) to Upbit’s KRW market is a development for both traders and the broader cryptocurrency community. With a strong market capitalization and $MEW has the potential to capture the interest of investors. As Upbit continues to innovate and support emerging digital assets, it will be interesting to see how $MEW evolves and what future opportunities arise within its space.
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