Solana's MEW Hits New ATH After Listing on Upbit

  • MEW surges after Upbit announcement.

  • Optimism still prevails in the market.

“Cat in a dog world” (MEW) shook the crypto market with a double-digit surge. The surge came after South Korea’s largest exchange, Upbit, announced the launch of the MEW/KRW trading pair on October 21.

This Solana-based token [SOL] has now become the third memecoin to trade against the Korean Won on Upbit, joining the ranks of Dogecoin [DOGE] and Shiba Inu [SHIB].

Interestingly, this surge follows a pattern observed just a few days ago with Injective (INJ). TinTucBitcoin reported that on October 17, INJ surged 16% immediately after the exchange announced the listing.

Notably, MEW was initially listed on Upbit in September with trading pairs against Bitcoin [BTC] and Tether [USDT], which generated a slight surge. However, it failed to break its all-time high (ATH) in March at that time.

See more: Solana (SOL) price increased sharply today, what is the reason?

MEW hits new all-time high

Following the news, MEW surged 18%. Furthermore, memecoin hit a new ATH at $0.010.

This rally follows a continuous pattern of higher highs and lower lows since mid-September, a classic indicator of an ongoing uptrend.

cat in a dogs world price MEW #81

Source: TradingView

At the time of writing, the price has corrected slightly to $0.009. Furthermore, the Relative Strength Index (RSI) is recorded at 70.21, indicating overbought conditions, though not extreme.

So while there may still be upside potential, the possibility of a correction also exists.

The bulls continue to control the market

As MEW continues to ride this bullish wave, it is clear that market participants are increasingly paying attention to the coin's momentum.

A more detailed analysis of data from Coinglass shows that trading volume has increased by 302.40%, indicating significant trading activity. Furthermore, Open Interest (OI) has increased by 16.14%, reflecting strong optimism in the market.

Data from Coinalyze also shows a positive funding rate and an aggregate long/short ratio of 1.19, further confirming that buyers are in control.

What is the prediction for the cat in a dogs world?

Source: Coinalyze

These indicators along with price action have highlighted a market environment characterized by high activity and confidence in the bullish trend.

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