Solana’s MEW Surges to New All-Time High After Upbit Listing
MEW, known as the “cat in a dog’s world,” made a remarkable impact on the cryptocurrency market with a significant double-digit rally. This surge coincided with the news of South Korea’s largest exchange, Upbit, introducing the MEW/KRW trading pair on October 21st.
Being the third memecoin to be listed against the Korean Won on Upbit, MEW has now joined the ranks of Dogecoin [DOGE] and Shiba Inu [SHIB].
Interestingly, this uptrend mirrored a recent scenario involving Injective (INJ). Just a few days prior on October 17th, INJ witnessed a 16% price spike following its listing on the exchange.
It is worth mentioning that MEW was first listed on Upbit in September with trading pairs against Bitcoin [BTC] and Tether [USDT], triggering a brief price surge. However, it fell short of surpassing its previous all-time high (ATH) from March.
MEW Reaches a New All-Time High
Following the announcement, MEW experienced an 18% price surge, achieving a new ATH of $0.010.
This rally demonstrated a consistent pattern of higher peaks and troughs since mid-September, indicating a sustained uptrend.
At the time of this report, the price had slightly corrected to $0.009, with the Relative Strength Index (RSI) standing at 70.21, suggesting overbought conditions, albeit not excessively so.
While there is still potential for further upside, the likelihood of a market correction also loomed.
Bulls Strengthen Their Position in the Market
As MEW rode the bullish momentum, it became evident that market participants were increasingly drawn to its growing strength.
An in-depth analysis of data from Coinglass revealed a staggering 302.40% surge in trading volume, indicating robust trading activity. Additionally, Open Interest (OI) rose by 16.14%, signaling a strong bullish sentiment.
Data from Coinalyze displayed a positive funding rate and an aggregated long/short ratio of 1.19, affirming the dominance of buyers in the market.
These metrics, coupled with the price movements, portrayed a market dynamic characterized by high engagement and confidence in upward price trends.