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MEW Price Rallies 18% Leading Meme Coins Sector, Price To Uphold Momentum? – Crypto News

Published

12 months ago

May 29, 2024

Dripp

MEW, the Cat in a Dogs World token, has stormed the crypto scene once again, skyrocketing to unprecedented levels. Today, the Solana meme coin has seen a staggering 18% price surge, with on-chain metrics showing a strong market uptrend for this cat-inspired token.

Notably, MEW has taken the lead in the meme coin sector, embarking on a significant price rally in the past 24 hours. This upswing is a result of a stockpile of bullish on-chain factors propelling the token’s price up.

Let’s delve deeper into the Solana meme coin’s current cryptographic journey, which has sparked immense investor optimism.

Derivatives Data Underscores Strong Market Uptrend: Report

As mentioned above, a stockpile of bullish factors appear to be primarily supporting MEW’s price rally. The data in the market reveals a significant and sustained interest among investors and traders surrounding MEW, validating the token’s pump.

Coinglass spotlights a 43.39% surge in MEW’s futures open interest to $28.52 million, a clear indication of heightened investor enthusiasm for the asset. This surge is further accompanied by a substantial derivatives volume upsurge of 82.84% to $ 281.33 million, underlining a strong market uptrend when put into perspective with the price rally.

Moreover, despite recording $797.3K worth of liquidations, with $427.78K in short and $369.52K in long, MEW has continued to hover in the green territory, highlighting a bullish momentum. The OI-weighted funding rate added on to the market optimism surrounding MEW, surging to 0.0457%, hinting that traders are willing to pay more to maintain long positions.

Collectively, this data painted a bullish portrait of the Cat in a Dog World cat-themed meme token at press time.

Also Read: Dogwifhat (WIF) Price Surges 12% for Second Day, New ATH Soon?

MEW Price Rallies 18%

Meanwhile, MEW’s price chart showcased an 18.95% uptick in the past 24 hours and is currently trading at $0.005102. The token’s market cap stood at $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.

Intriguingly, technical indicators show a strong buying sentiment prevailing in the market, further validating MEW’s current price upswing. It’s worth noting that the token could potentially witness further gains if the buying pressure continues to increase in the broader crypto market, instilling a sense of optimism for the coin among investors and traders.

Also, the RSI rested at 63, signaling that the token has yet to enter overbought territory, with slight upside pressure present. This potentially paves the way for further gains, although it’s crucial for investors to exercise caution, primarily due to the volatility of the crypto realm.

Also Read: Crypto-Like Bubble Possible In AI Says Nobel Laureate Romer, AI Coins To Suffer?

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