MEW, the Cat in a Canines World token, has stormed the crypto scene as soon as once more, skyrocketing to unprecedented ranges. At the moment, the Solana meme coin has seen a staggering 18% worth surge, with on-chain metrics exhibiting a powerful market uptrend for this cat-inspired token.
Notably, MEW has taken the lead within the meme coin sector, embarking on a big worth rally previously 24 hours. This upswing is a results of a stockpile of bullish on-chain components propelling the token’s worth up.
Let’s delve deeper into the Solana meme coin’s present cryptographic journey, which has sparked immense investor optimism.
Derivatives Information Underscores Robust Market Uptrend: Report
As talked about above, a stockpile of bullish components look like primarily supporting MEW’s worth rally. The information available in the market reveals a big and sustained curiosity amongst buyers and merchants surrounding MEW, validating the token’s pump.
Coinglass spotlights a 43.39% surge in MEW’s futures open curiosity to $28.52 million, a transparent indication of heightened investor enthusiasm for the asset. This surge is additional accompanied by a considerable derivatives quantity upsurge of 82.84% to $ 281.33 million, underlining a powerful market uptrend when put into perspective with the value rally.
Furthermore, regardless of recording $797.3K value of liquidations, with $427.78K briefly and $369.52K in lengthy, MEW has continued to hover within the inexperienced territory, highlighting a bullish momentum. The OI-weighted funding price added on to the market optimism surrounding MEW, surging to 0.0457%, hinting that merchants are keen to pay extra to keep up lengthy positions.
Collectively, this knowledge painted a bullish portrait of the Cat in a Canine World cat-themed meme token at press time.
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MEW Worth Rallies 18%
In the meantime, MEW’s worth chart showcased an 18.95% uptick previously 24 hours and is presently buying and selling at $0.005102. The token’s market cap stood at $453.65 million, adopted by a 24-hour buying and selling quantity of $182.68 million. The coin’s 24-hour lows and highs are $0.004113 and $0.005744, respectively.
Intriguingly, technical indicators present a powerful shopping for sentiment prevailing available in the market, additional validating MEW’s present worth upswing. It’s value noting that the token might doubtlessly witness additional positive factors if the shopping for stress continues to extend within the broader crypto market, instilling a way of optimism for the coin amongst buyers and merchants.
Additionally, the RSI rested at 63, signaling that the token has but to enter overbought territory, with slight upside stress current. This doubtlessly paves the way in which for additional positive factors, though it’s essential for buyers to train warning, primarily as a result of volatility of the crypto realm.
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The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
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