MEW Price Increased by 18% Meme Coin is the Leader in the Industry, Will the Price Maintain the Momentum?
MEW, the Cat in the World of Dogs token, has stormed the crypto scene once again, skyrocketing to unprecedented levels. Today, the solana meme coin saw a staggering 18% price increase, and on-chain metrics show a strong market uptrend for this cat-inspired token.
In particular, MEW has taken the leadership in the meme coin industry by achieving a significant price increase in the last 24 hours. This rise is a result of a stock of on-chain bullish factors pushing the price of the token up.
Let’s take a deeper dive into Solana meme coin’s current cryptographic journey that is fueling investor optimism.
Derivatives Data Highlights Strong Market Uptrend: Report
As mentioned above, a number of bullish factors appear to primarily support MEW’s price increase. Market data reveals significant and sustained interest among investors and traders surrounding MEW and confirms the pumping of the token.
Coinglass points out that MEW futures open interest increased by 43.39% to $28.52 million; This is a clear indication of growing investor enthusiasm for the asset. This rise was accompanied by a significant 82.84% increase in derivatives volume, rising to $281.33 million; This, when considered together with the price increase, underlines a strong market uptrend.
Moreover, despite recording $797.3K worth of liquidations, with the short part at $427.78K and the long part at $369.52K, MEW remained in the green zone, underlining the bullish momentum. The OI-weighted funding rate rose to 0.0457%, adding to market optimism around MEW and signaling that investors are willing to pay more to protect long positions.
Collectively, these data painted a bullish portrait of the Cat in the Dog World cat-themed meme token at press time.
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MEW Price Increases 18%
Meanwhile, MEW’s price chart has increased by 18.95% in the last 24 hours and is currently trading at $0.005102. The market cap of the token was $453.65 million, followed by a 24-hour trading volume of $182.68 million. The coin’s 24-hour low and high are $0.004113 and $0.005744 respectively.
Interestingly, technical indicators show that a strong buying sentiment prevails in the market, further confirming MEW’s current price rally. It is worth noting that the token could potentially witness further gains if buying pressure continues to increase in the broader crypto market, fueling a sense of optimism for the coin among investors and traders.
Additionally, the RSI has stalled at 63, signaling that the token has not yet entered the overbought zone and there is slight upward pressure. This potentially paves the way for further gains, but it is crucial for investors to be careful primarily due to the volatility of the crypto world.
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