The Solana-based meme coin, Cat in a Dogs World (MEW), has witnessed an impressive price surge, driven by a significant announcement from South Korean crypto exchange Upbit. The listing of MEW on Upbit has brought substantial attention to the coin, sparking a rapid rise in both price and trading volume, positioning MEW as one of the most notable meme coins in the crypto market.
Upbit’s Impact on MEW
Upbit, a leading South Korean crypto exchange, made the announcement on September 19, 2024, stating that MEW would officially be listed and traded in both Bitcoin (BTC) and Tether (USDT) markets starting at 10:00 UTC. This development immediately caught the attention of traders, especially given Upbit’s reputation as one of the highest-volume exchanges, with a daily trading volume exceeding $2.5 billion.
The news sent MEW’s price skyrocketing, increasing by 26% in just 24 hours. At the time of writing, the meme coin is trading at $0.0054 and continues to gain momentum. Additionally, MEW’s 24-hour trading volume surged by 230%, reaching $144 million, a clear reflection of growing interest from traders.
MEW’s Growing Market Presence
Launched in March 2024, Cat in a Dogs World (MEW) has quickly become a prominent player in the meme coin market, particularly on the Solana network. It has already achieved listings on major centralized exchanges, including OKX, Bybit, HTX, and KuCoin. These early listings, combined with the Upbit announcement, have boosted MEW’s market cap to $480 million, making it the fourth-largest meme coin on the Solana blockchain.
The surge in MEW’s price has pushed the coin into the spotlight, particularly as it reached the overbought zone according to crypto.news. The Relative Strength Index (RSI) for MEW jumped from 22 to 85 in a single day, a clear sign that traders are accumulating the token rapidly. However, short-term traders are already taking profits, adding an element of caution to the rally.
A History of Upbit-Driven Surges
This isn’t the first time Upbit has triggered such a significant price movement. Just last week, Nervos Network (CKB) experienced a similar surge, climbing by 111% within a week of its Upbit listing. The exchange’s ability to create bullish momentum for newly listed tokens has made it a key platform for traders looking to capitalize on quick price increases.
With MEW now following the same trajectory, traders are watching closely to see if the coin will sustain its gains or face a correction after the initial spike.
MEW’s Position Among Meme Coins
Meme coins have become a unique niche in the crypto market, known for their playful branding and community-driven growth. MEW is no exception, capturing attention with its quirky identity as a “cat in a dogs world.” The meme coin phenomenon has seen other tokens, like Dogecoin and Shiba Inu, rise to prominence. MEW, with its strong market presence and recent surge, is now positioning itself as a serious contender in this space.
Despite being relatively new, MEW has already become a household name among meme coin traders, largely due to its Solana-based infrastructure, which enables faster transaction speeds and lower fees compared to Ethereum-based meme coins.
Short-Term Traders vs Long-Term Potential
While MEW’s price surge has caught the attention of short-term traders looking to capitalize on rapid gains, the long-term potential of MEW lies in its community engagement and broader adoption. The coin’s listing on Upbit, one of the most influential exchanges in Asia, opens the door for more users to engage with MEW on a global scale.
However, with its RSI entering the overbought zone, there are concerns about whether the current rally is sustainable. Short-term profit-taking may create some volatility, but if MEW continues to attract attention from long-term investors, it could stabilize and grow further.
What’s Next for MEW?
With Upbit’s listing now live and trading volumes soaring, the future of Cat in a Dogs World (MEW) looks promising. The coin’s growth on the Solana blockchain and its rising market cap signal that it could continue to climb the ranks of top meme coins.
In the coming weeks, traders will be looking to see if MEW can maintain its momentum or if it will face a pullback as short-term traders take profits. Regardless, the meme coin has already solidified itself as a key player in the market, with growing adoption and trading activity across multiple platforms.
For now, MEW remains a token to watch, especially with the meme coin market continuing to attract attention from traders looking for high-risk, high-reward opportunities.
Conclusion: MEW’s Rise to Prominence
The listing on Upbit has been a game-changer for MEW, sparking a 26% price surge and placing the meme coin in the spotlight. With its growing market cap, rising trading volumes, and continued presence on major exchanges, MEW is poised to become a key asset in the meme coin ecosystem.
As the coin continues to rise in popularity, both short-term traders and long-term holders will be watching its performance closely. Whether it’s taking advantage of rapid price movements or betting on MEW’s long-term potential, the coin has solidified its place in the highly competitive meme coin market.
