As a seasoned researcher with years of experience tracking and analyzing the crypto market, I find myself constantly intrigued by the rapid fluctuations that characterize this dynamic ecosystem. Today, I am particularly captivated by the meteoric rise of the Solana-based meme coin, cat in a dogs world (MEW).
The Solana-backed meme token, “Cat in a Dog’s World,” experienced a significant increase in price after a significant announcement was made by the South Korean cryptocurrency exchange, Upbit.
As stated in the Upbit announcement, the platform is set to list a cryptocurrency known as “MEW” today at 10:00 UTC. This digital asset can be traded using both Bitcoin (BTC) and Tether (USDT) in their respective markets. Notably, MEW will only facilitate transactions on the Solana network.
In simple terms, MEW (presumably referring to a cryptocurrency or token named MEW) experienced a significant jump after an announcement from a major South Korean exchange with approximately $2.5 billion in daily trade volume. Over the past day, the meme coin has increased by 26%, currently trading at around $0.0054.
Additionally, it’s worth noting that MEW holds the position as the fourth largest meme coin on the Solana network, boasting a market capitalization of approximately $480 million. Furthermore, its trading volume over the past 24 hours has surged by an impressive 230%, peaking at around $144 million.
MEW (Morphic Energy World) debuted in March and is now available for trading on prominent cryptocurrency exchanges like OKX, Bybit, HTX, and KuCoin, among others.
Unexpected spikes have propelled the meme coin towards an overextended state, according to information from crypto.news. The MEW Relative Strength Indicator now stands at 85, representing a significant increase compared to yesterday’s reading of 22.
MEW’s swift increase in RSI could primarily be attributed to rapid buying activity. Meanwhile, it appears that short-term investors are cashing out their gains.
Last week, Nervos Network (CKB) saw a pretty similar price surge after the Upbit listing. CKB recorded a 111% rally within a week of the announcement.
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2024-09-19 11:56