Memecoins
MEW Price Rises 18% in Leading Meme Coin Sector, Will Price Maintain Momentum?
MEW, the Cat in a Dogs World token, has taken the by storm cryptocurrency scene once again, skyrocketing to unprecedented levels. Today, the Solana The meme coin has seen an incredible 18% price surge, with on-chain metrics showing a strong upward market trend for this cat-inspired token.
Notably, MEW has taken the lead in the meme coin sector, initiating a significant price rally over the past 24 hours. This recovery is the result of an accumulation of bullish factors that push the price of the token upwards.
Let us dive deeper into the current crypto journey of meme coin Solana, which has sparked immense optimism among investors.
Derivatives Data Underlines Strong Uptrend in Market: Report
As mentioned above, a number of bullish factors appear to primarily support MEW’s price rally. Market data reveals significant and sustained interest among investors and traders in MEW, validating the token’s pump.
Coinglass highlights a 43.39% increase in open interest in MEW futures to $28.52 million, a clear indication of growing investor enthusiasm for the asset. This increase is also accompanied by a substantial increase in derivatives volume by 82.84% to $281.33 million, underlining a strong bullish trend in the market when compared to the price rally.
Furthermore, despite recording liquidations of $797.3K, with $427.78K on the short and $369.52K on the long, MEW continued to float in the green territory, highlighting bullish momentum. The OI-weighted financing rate fueled market optimism regarding MEW, rising to 0.0457%, suggesting that traders are willing to pay more to hold long positions.
Overall, this data has painted a bullish portrait of Cat in a Dog World’s feline-themed meme token as of this writing.
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MEW prices increase by 18%
Meanwhile, MEW’s price chart has shown an increase of 18.95% over the past 24 hours and is currently trading at $0.005102. The token’s market capitalization was $453.65 million, followed by a 24-hour trading volume of $182.68 million. The coin’s 24-hour lows and highs are $0.004113 and $0.005744, respectively.
Interestingly, technical indicators show a strong buying sentiment prevailing in the market, further confirming the current price recovery of MEW. It is worth noting that the token could potentially post further gains if buying pressure continues to increase in the broader cryptocurrency market, instilling a sense of optimism for the coin among investors and traders.
Also the CSR it stopped at 63, signaling that the token has yet to enter overbought territory, with slight upward pressure present. This potentially paves the way for further gains, although it is crucial for investors to exercise caution, mainly due to the volatility of the cryptocurrency realm.
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