The past two weeks have been eventful in the cryptocurrency market, with significant price hikes. Solana (SOL) has seen a notable 15% increase over the last week. This upward trend has positively impacted other cryptocurrencies within the Solana network, notably Cat in a Dogs World (MEW), a meme coin. MEW experienced a dramatic surge of more than 31% in just 24 hours, capturing the attention of investors.
What is Driving MEW’s Surge?
The rise in MEW’s price is largely attributed to Solana’s recent gains. Anticipation surrounding the potential approval of spot Exchange-Traded Funds (ETFs) for Solana in the United States, along with significant interest from South Korean investors, has fueled MEW’s growth. This growing enthusiasm reflects broader market trends.
On July 21, 2024, cryptocurrency investor Joshua highlighted that Upbit, a major cryptocurrency exchange, reported over $90 million in daily trading volume for meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Similarly, Bithumb’s listing of MEW has seen the coin lead in total spot market volume on the exchange, with MEW’s open interest in futures trading surpassing $63.62 million in just 24 hours.
How Much Will MEW Be Worth?
Analysts suggest that MEW is forming a double bottom pattern on the weekly chart, pointing to a potential continuation of its upward trajectory. Breaking past the $0.0062 resistance level indicates strong investor confidence, with the current price standing at $0.007469. Should MEW maintain a strong close above $0.0065 on daily or weekly charts, it could see substantial gains. However, if it falls below this level, a decline to $0.0033 is possible.
Investment Insights
– Monitor Solana’s performance as it significantly influences MEW’s price.
– Pay attention to regulatory news regarding ETFs in the United States.
– Observe trading volumes and interest from major exchanges like Upbit and Bithumb.
– Analyze MEW’s technical patterns for entry and exit points.
In conclusion, MEW’s price surge is closely tied to Solana’s performance and broader market interest. Investors should watch for regulatory developments and technical indicators to make informed decisions.