The Surge of Solana’s MEW Coin After Upbit Listing
MEW, the standout in the crypto world, made significant waves as it surged by double digits. This remarkable upward trend followed the announcement by South Korea’s largest exchange, Upbit, regarding the inclusion of the MEW/KRW trading pair on October 21st.
Now, the Solana [SOL]-based token stands as the third memecoin available for trading against the Korean Won on Upbit, joining the ranks of Dogecoin [DOGE] and Shiba Inu [SHIB].
Interestingly, this rally mirrors a recent occurrence with Injective (INJ). Just a few days ago, on October 17th, INJ saw a 16% surge immediately following its listing on the exchange.
It’s worth mentioning that MEW was first introduced on Upbit back in September with trading pairs linked to Bitcoin [BTC] and Tether [USDT], sparking a brief rally. However, it fell short of surpassing its previous all-time high (ATH) from March.
MEW Breaks Records with New ATH
After the recent developments, MEW witnessed an 18% spike, propelling the memecoin to reach a new all-time high of $0.010.
This surge aligns with a consistent trend of establishing higher highs and higher lows since the middle of September, signaling a strong bullish trend.
As of the current moment, the price has slightly corrected to $0.009, with the Relative Strength Index (RSI) sitting at 70.21, indicating slightly overbought conditions.
While there is still potential for further appreciation, a corrective pullback remains a possibility.
Bullish Sentiment Prevails in the Market
With MEW riding high on this wave of optimism, it’s evident that market participants are closely monitoring its growing momentum.
An in-depth look into the data from Coinglass shows a substantial 302.40% surge in trading volume, showcasing significant market activity. Additionally, Open Interest (OI) has increased by 16.14%, indicating strong market optimism.
Coinalyze data also points towards a positive funding rate and an aggregated long/short ratio of 1.19, affirming the dominance of buyers in the market.
These key metrics, along with the price action, underscore an active market environment characterized by confidence in upward price movements.