cat in a dogs world ($MEW) Thesis

$MEW is a cat in a dogs world, and the name is the whole pitch.

Since Dogecoin, the biggest memecoins have mostly been dogs. SHIB on Ethereum, then BONK and WIF on Solana. Even three days after MEW launched, dog coins were worth about 30 times more than every cat coin combined.

In March 2024, a pseudonymous team launched a white cat on Solana to pick that fight.

They put 90% of the 88.9 billion supply into a Raydium pool with 2,888 SOL and burned the LP tokens. That liquidity can never be pulled, by them or by anyone.

The other 10% is where it gets clever.

Half went to BONK and WIF holders. The cat's first move against the dogs was to pay them.

The other half went to Solana Mobile Chapter 2 pre-orders, straight out of the dog's own playbook. Months earlier, BONK's airdrop to the first Solana phone had been worth more than the phone itself.

This time each pre-order got about $206 in MEW, close to half the phone's price.

Four days in, $MEW was past $700M. Arthur Hayes said he found it in the kitty litter tray, and people started calling it cat season.

The lore is what made it more than another animal coin. MEW lives among rats in Dog City, run by an evil corporation called SHIBEX and its boss Shibatoni, and the account posts sleepy, dramatic lines about saving everyone from the rat race.

The dogs are the incumbents. You're the rat. MEW is the outsider promising a way out.

The team then treated the cat like IP, not just a ticker. It announced a 3D animated series with LOCUS, the Korean studio behind Red Shoes, and by November 2024 $MEW had topped out above $1.1B. Six months later, Robinhood listed it for US customers.

Today it trades around $36M, roughly 97% below that peak.

But look at what's left. About $8.3M still sits in that original burned pool, close to a quarter of the market cap, and nobody can take it out. And the cat still posts like the war never stopped.

The dogs still run the city, and that's exactly the point. MEW was never sold as the winner. It was sold as the outsider, and an outsider's story only needs one thing to keep going: a dog still on top.