The cryptocurrency market is experiencing a bullish phase, with Solana (SOL), the world’s fifth-largest digital asset, drawing significant attention from investors and institutions. Over the past week, SOL’s impressive price surge of over 18% has garnered widespread interest.
Why MEW price is increasing?
In the wake of SOL’s success, Cat in a Dogs World (MEW), a meme coin based on Solana, has also experienced a remarkable price increase. MEW saw a surge of over 45% in just the last 24 hours, driven by SOL’s performance, excitement around potential spot Exchange Traded Funds (ETFs) in the U.S., and strong interest from Korean investors.
On July 21, 2024, investor Joshua shared insights that Upbit, a major cryptocurrency exchange, has been handling daily trading volumes of over $90 million in popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Meanwhile, Bithumb, another prominent exchange, reported that MEW is performing as well as the top meme coins combined, leading in total trading volume in the spot market.
$MEW might be the first cat coin that Koreans love.In Korea, we have two major exchanges:1. Upbit2. BithumbThe problem is,Upbit only has major memes like Doge and SHIB, with a daily trading volume of $90M.On the other hand, Bithumb has $MEW, which is doing as much… pic.twitter.com/CQr5edxJB5
— Joshua | MOZAIK (@JoshuaDeuk) July 21, 2024
Following this heightened interest and trading volume, MEW’s open interest (OI) soared by 130% in the past 24 hours, according to on-chain analytics firm CoinGlass. Additionally, MEW’s future open interest reached an all-time high of over $140 million in the same period.
MEW price-performance analysis
As of now, MEW is trading around $0.0080, marking a 45% increase in the last 24 hours. Over the past week, MEW has seen a substantial rise of over 130%. This surge has been echoed by other Solana-based meme coins like dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME), which have enjoyed gains of 50%, 32%, and 20% respectively in the last week.
The excitement around Solana and its associated meme coins can be attributed to several factors. First, SOL’s impressive performance has naturally attracted more attention to the Solana ecosystem. Second, the anticipation of potential spot ETFs in the United States is generating optimism in the market. Finally, the strong interest from Korean investors, who have shown a particular affinity for meme coins, is further driving the price surge.
Solana’s bullish momentum is not only boosting its own value but also propelling the prices of associated meme coins, with MEW leading the charge. As the market continues to evolve, investors will be keenly watching for whether MEW can maintain its upward trajectory or if it will face another sell-off at its historical resistance level.
