Memecoin $MEW, identified, has rapidly ascended the ranks to become the fifth largest cryptocurrency by monthly on-chain trading volume on the Solana blockchain. This achievement marks a significant milestone, as the coin registered a staggering $1.15 billion in trading volume this month.
Earlier, Solana implemented a promotional strategy by partnering with the meme coin creators to airdrop tokens into the wallets of customers who pre-ordered their new smartphones. Causing a significant price surge in tokens. If the tokens maintain their current value, this initiative could offset the $450 cost of the smartphone.
The $MEW surge underscores the increasing interest and trust the crypto community shows in the new digital currencies Solana has gained, which is also known for its fast transactions and small fees.
Currently, MEW is trading at  $0.006, reflecting a 6.54% decrease over the last day. The Market capitalization stands at approximately $489 million,
Market analysts are monitoring $ MEW closely as it becomes increasingly significant within the Solana network and could shape the overall market.
Also Read: Solana Memecoin Trader Earns $23 Million Profits: Here’s How
