As a researcher with extensive experience in the cryptocurrency market, I find MEW’s recent price surge on the Solana blockchain both intriguing and noteworthy. The cat-inspired meme coin has taken the lead in the meme coin sector, displaying a significant 18% price increase within the past 24 hours.
MEW, the Cat in a Dogs World token, has made a significant comeback in the crypto world, experiencing an impressive 18% price increase today. The Solana meme coin is creating quite a stir, as on-chain data indicates a robust market upward trend for this feline-themed token.
As an analyst, I’ve observed MEW making waves in the meme coin market recently. In just the last 24 hours, the token has experienced a substantial price surge. The primary causes for this upward trend are several bullish on-chain indicators that have accumulated and given the price a boost.
As a crypto investor, I’m eager to explore the intricacies of Solana’s meme coin’s recent cryptographic voyage. This journey has ignited significant enthusiasm among investors.
Derivatives Data Underscores Strong Market Uptrend: Report
Above it has been noted that several positive factors are driving up the price of MEW. Market data indicates strong and persistent investor and trader attention towards MEW, lending credence to its price surge.
MyCoinGlass highlights a significant jump in MEW’s futures open interest by 43.39%, reaching $28.52 million. This increase suggests increased investor interest in the asset. Additionally, there was a notable rise of 82.84% in derivatives volume to $281.33 million. These numbers underscore a robust market trend when viewed alongside the price surge.
Despite racking up $797.3K in liquidations, consisting of $427.78K in short and $369.52K in long positions, MEW has persisted in remaining profitable. This resilience underscores a bullish trend for the platform. Furthermore, the OI-adjusted funding rate has joined the positive sentiment towards MEW, climbing to 0.0457%, suggesting traders are prepared to pay a premium to preserve their long positions.
At press time, the data collectively presented an optimistic image for the Cat in a Dog World meme token with a feline theme.
MEW Price Rallies 18%
Over the past 24 hours, MEW’s price has risen by 18.95%, reaching a current value of $0.005102. The token’s market capitalization is now at $453.65 million, with a trading volume of $182.68 million in the last 24 hours. MEW’s lowest price during this period was $0.004113, while its highest was $0.005744.
Interestly, the technical indicators indicate a robust buying trend in the market, which lends credence to MEW’s recent price surge. It’s important to mention that the token may experience additional growth if the buying fervor intensifies across the wider cryptocurrency sector, fueling investor and trader confidence.
Additionally, the Relative Strength Index (RSI) was at 63, implying that the token has not reached overbought levels yet. A mild uptrend is noticeable, suggesting possible price increases. However, investors should exercise caution as the cryptocurrency market is known for its volatility.
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2024-05-29 15:43