From Memes to Global Cultural IP: Interpreting the Spirit and Mission Behind the Success of Cat Memecoin MEW

The "animal spirits" theory proposed by the father of macroeconomics, Keynes, suggests that the market is driven by investor confidence and expectations. In the realm of crypto assets, memecoins are undoubtedly the category with the highest "animal spirits" indicators, heavily influenced by community sentiment. Interestingly, animal-themed memecoins are the most influential and have the highest market value among all memecoins, perhaps because small animals around us evoke the strongest collective resonance.

Recently, with Bitcoin surpassing the $100,000 milestone, the altcoin craze has officially begun. In this wave, a series of cultural symbols derived from animal concepts, such as dogs, frogs, and cats, have emerged as the most noteworthy sectors. Among them, the performance of the cat-themed memecoin project cat in a dogs world (MEW) is particularly impressive.

MEW launched on the Solana blockchain in March this year, standing out in the crowded Solana ecosystem of memecoins with its unique cat-themed narrative. In just about half a year, MEW has entered the ranks of the crypto "unicorn" club (i.e., with a market capitalization exceeding $1 billion) and the "Top 100" by cryptocurrency market cap, and its path to success is worth exploring.

Twice in a week, the price reached a new high, and the market capitalization exceeded 1 billion USD.

MEW was listed on a large cryptocurrency exchange in South Korea earlier this September, supporting trading pairs with BTC and Tether (USDT). Although its price also triggered a brief uptick at that time, it failed to break through the historical high point from March.

On October 21, the exchange announced the launch of the MEW/KWR trading pair, making MEW the third memecoin on the platform to support the fiat currency Korean Won. Following the news, MEW quickly saw a double-digit increase and reached a high of $0.01, with trading volume at one point surpassing Bitcoin, ranking first in trading volume on the platform.

MEW has been actively promoting its listing on multiple mainstream exchanges. On October 24, another cryptocurrency exchange also announced the launch of two trading pairs for MEW: MEW/USD and MEW/EUR, once again injecting a strong boost into the continuously rising MEW. That evening, MEW's market cap surged past $1 billion, setting a new record.

In addition, the MEW contract is another indicator worth paying attention to. Besides the fact that leading global cryptocurrency exchanges have launched the MEW contract, some decentralized derivatives trading platforms are also actively promoting support for MEW. On October 22, MEW perpetual futures were launched on Kwenta and Synthetix (the Layer 2 chain on Base), and previously, the decentralized on-chain perpetual contract platform Drift Protocol also added support for MEW perpetual futures.

Data shows that since the beginning of October, the daily average open interest for the exchange's MEW contracts has consistently remained in the range of $100 million (with a peak touching $215 million at one point). Generally, 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 means that market participants have increased confidence in the project.

The Unique Meme Spirit and the Cultural Mission of MEW

MEW has successfully entered the first tier of memecoins. As a newcomer born this year, how has MEW attracted widespread attention and substantial 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 logical perspective, MEW is no longer just a carnival of digital assets; it represents a brand new cultural phenomenon and business model. It connects cat lovers around the world through blockchain technology, jointly building a decentralized, open, and inclusive virtual world and a new digital cultural ecosystem.

What is most surprising about MEW is that it subverts people's impression of cute cats by adopting a symbolic "appearance" that rebels against tradition and pursues innovation. This image forms a strong contrast with the silly and cute DOGE and cartoonish SHIB, which are dog-themed memecoin projects, and more so symbolizes a challenge to traditional authority and protection for vulnerable groups, deeply attracting users who seek individuality and freedom.

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

1. Rebellion and Chivalry Spirit (the image of cats against dogs)
2. Humanistic care (focusing on the needs and fairness for a broader user group)
3. Unite and Move Forward (Create a friendly and supportive community atmosphere)

MEW is not simply a rebellion; it embodies a chivalrous spirit that fights for the broader interests of the community. This spirit resonates perfectly with subcultural users of the internet age, who pursue personalized expression and question traditional culture. MEW cleverly caters to this trend by combining the image of cats with the concept of cryptocurrency decentralization, symbolizing a challenge to the traditional financial system while also expressing a desire for a fairer and more open financial system.

From Memes to Global Cultural IP

MEW has evolved from a simple Meme into a cultural IP phenomenon with a complete story and spiritual core, which is a very interesting transformation.

Unlike the various popular pets, emoticons, and conceptual Memes, MEW has its own complete story and spiritual core, moving towards a true cultural sedimentation, detached from the market emotional games caused by social dissemination and price fluctuations in the early days. The distinct image and spiritual core, along with exposure through various channels, have allowed the community's consensus to coalesce.

1. Unique Original IP Storyline: MEW's original IP storyline is very unique. It tells the story of a cat who, in a dog-dominated world, uses its wisdom and courage to challenge traditional notions, showcasing the journey of a kitten from being rescued to growing into a hero, establishing its own cat community. MEW represents the spirit of rebellion; it refuses to be defined by the mainstream and bravely explores new possibilities, while also emphasizing the importance of community by providing a platform through the establishment of the MEW community for free expression and mutual support.

2. Strong original IP advantage: Compared to traditional memecoin projects, the design of MEW is entirely original, which is undoubtedly one of its greatest advantages. Originality is the foundation of intellectual property protection, providing legal assurance for the commercialization and branding of MEW's IP, eliminating concerns about copyright disputes and laying a solid foundation for MEW's path from Web3 to Web2 as a global cultural IP.

3. Excellent design level: MEW excels in design, and its collaboration with renowned animation studios is a great addition. Design is also the core engine of MEW, and creating IP relies on the MEW team's continuous high-quality design delivery capability. The warmth and dedication of the MEW project team can be seen in high-quality emoticons, animated short videos, and the official website presentation.

In summary, MEW is based on a complete storyline and independent original IP, bringing a rare and profound narrative in the crypto market. This meme concept, grounded in cultural sedimentation, is unique in the current crypto market, and the value of MEW's IP naturally rises. As the value of the IP continues to increase, it will undoubtedly attract more users to participate, which in turn will bring positive development to the project itself, further expanding potential external revenue and ultimately achieving a positive growth cycle.

Market Strategy and the Leadership of "Cat Race" Culture

MEW adopted a fair launch upon its launch and locked 90% of the LP on Solana. On March 27, MEW airdropped 5% of the tokens to certain token holders. On April 1, MEW conducted a second airdrop, distributing 37,600 MEW (worth approximately $200 at the time) to the wallet of each user who pre-ordered the second Solana Mobile smartphone. The MEW project team has carried out multiple airdrop activities to different user groups at different times, reflecting the concept of equitable distribution. This ultimately creates a balanced and sustainable growth model for the MEW token and helps establish a strong and active community around the MEW token, aiding MEW in carving out a niche in the competitive cryptocurrency market.

It is worth mentioning that MEW has chosen to list on multiple mainstream exchanges, which is a very savvy market strategy. From the trading volume share of major exchanges, it can be seen that MEW's spot trading has not shown an overly centralized trend; even some top cryptocurrency exchanges do not exceed 30% in trading volume share. This move reduces dependency on a single exchange, so even if a particular 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 allow users to conduct transactions more smoothly. The relatively balanced trading volume also indicates that MEW's user base is widely distributed, with no single exchange holding absolute dominance, which is beneficial for maintaining market competition and protecting user interests.

MEW plays a leading role in the "cat track" culture. The current memecoin market is decentralized, with many projects struggling to form a synergy, leading to the presence of "low positive externalities" and "vacuum periods" in the market. MEW has broken through the traditionally dog-themed memecoin dominated market with its unique "cat" image, opening up a new blue ocean for the memecoin market and successfully breaking the market homogenization.

In a fiercely competitive market, only products with uniqueness can stand out, and an active, cohesive community is the guarantee of a project's success. MEW leads the continuous growth of the cat memecoin track by actively building a friendly public discourse space, creating positive externalities. First, MEW has driven the expansion of the entire meme track. The success of MEW has surprised the crypto community by revealing that the market is not solely dominated by "dog-themed" memes, but has also sparked interest in other "cat-themed" memes, promoting innovation in the entire meme industry. Secondly, positive externalities are also reflected in the continuous enrichment of the market ecosystem. Different types of meme images and IP brands have enriched the diversity of the market, meeting the needs of different users, ultimately enhancing the market value and social recognition of the entire meme industry.

Compared to the already relatively saturated dog meme track, the cat meme track has greater room for development. MEW's reopening of the cat meme track is not about taking advantage of the existing market, but undoubtedly a forward-looking strategic decision. It can also avoid direct competition with "established" memecoin projects, reduce market pressure, and the growth potential and market value will not be limited by a ceiling.

Compared to the fleeting nature of memecoins, creating a vibrant brand can bring more lasting value. MEW has chosen to position itself as a brand creator, rather than merely staying at the memecoin level, showcasing 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 imagination space is vast, such as developing derivatives like anime, games, and merchandise based on MEW, or collaborating with other brands for co-branded launches. Through continuous brand forging, I believe MEW has the potential to become a globally recognized IP like "Hello Kitty."