The chat-themed coin has become one of the top gainers of the day.
MEW rallied following Upbit’s announcement.
Bullish sentiment in the market remains strong.
Cat in a dogs world (MEW) has rocked the cryptocurrency market with double-digit gains. The surge came after South Korea’s largest exchange Upbit announced the launch of a MEW/KRW trading pair on October 21.
The Solana [SOL]-based token has now become the third memecoin to be traded against the Korean won on Upbit, joining Dogecoin [DOGE] and Shiba Inu Coin [SHIB].
Interestingly, this rally follows a pattern observed with Injective (INJ) a few days ago. AMBCrypto reported that INJ’s price immediately surged 16% on October 17 after the exchange announced its listing.
Notably, MEW was first listed on Upbit in September for trading against Bitcoin [BTC] and Tether [USDT], sparking a brief rally. However, at the time, it failed to break above its all-time high (ATH) set in March.
MEW hits all-time high
As soon as the news came out, MEW soared 18%. In addition, memecoin hit a new high of $0.010.
Since mid-September, the rally has been following a pattern of higher highs and higher lows, a classic indicator of a sustained uptrend.
Source: TradingView
At the time of writing, the price has slightly corrected back to $0.009. Furthermore, the relative strength index (RSI) is recorded at 70.21. This indicates overbought conditions, although not excessive yet.
Therefore, while there is still room for further gains, there is also the possibility of a pullback.
Bulls strengthen their control over the market
As MEW continues to ride this bullish wave, market participants are clearly becoming more concerned about its growth momentum.
A closer look at Coinglass’s data shows that trading volume surged by 302.40%, indicating active trading activity. In addition, open interest (OI) rose by 16.14%, reflecting high market optimism.
Data from Coinalyze also shows that the funding rate is positive and the total long/short ratio is 1.19. This further confirms the fact that buyers have the upper hand.
Together, these indicators and price action highlight a market environment characterized by high levels of activity and confidence in rising prices.
