MEW, the Cat in a Dogs World token, has stormed the crypto scene as soon as once more, skyrocketing to unprecedented ranges. Today, the Solana meme coin has seen a staggering 18% value surge, with on-chain metrics displaying a robust market uptrend for this cat-inspired token.
Notably, MEW has taken the lead within the meme coin sector, embarking on a big value rally prior to now 24 hours. This upswing is a results of a stockpile of bullish on-chain components propelling the token’s value up.
Let’s delve deeper into the Solana meme coin’s present cryptographic journey, which has sparked immense investor optimism.
Derivatives Data Underscores Strong Market Uptrend: Report
As talked about above, a stockpile of bullish components seem like primarily supporting MEW’s value rally. The information available in the market reveals a big and sustained curiosity amongst traders 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 robust market uptrend when put into perspective with the worth rally.
Moreover, regardless of recording $797.3K price 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 charge 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 information painted a bullish portrait of the Cat in a Dog World cat-themed meme token at press time.
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MEW Price Rallies 18%
Meanwhile, MEW’s value chart showcased an 18.95% uptick prior to now 24 hours and is at present 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 robust shopping for sentiment prevailing available in the market, additional validating MEW’s present value upswing. It’s price noting that the token might doubtlessly witness additional positive aspects if the shopping for strain continues to extend within the broader crypto market, instilling a way of optimism for the coin amongst traders and merchants.
Also, the RSI rested at 63, signaling that the token has but to enter overbought territory, with slight upside strain current. This doubtlessly paves the way in which for additional positive aspects, though it’s essential for traders to train warning, primarily as a result of volatility of the crypto realm.
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