The past two weeks in the cryptocurrency world saw significant price increases. One of the cryptocurrencies that experienced a rise during this period was Solana [SOL]. SOL’s price movement over the last seven days indicated a 15% increase. Amid these price movements, Cat in a Dogs World (MEW), a meme coin on the Solana network, showed an incredible rise, reflecting a more than 31% increase in the last 24 hours, exciting investors.
Why is MEW Rising?
The price increase in MEW is thought to be significantly influenced by the rise in SOL. The expectation of spot Exchange-Traded Funds (ETFs) in the United States for Solana and the great interest of Korean cryptocurrency investors are also believed to have impacted MEW’s rise.
On July 21, 2024, a cryptocurrency investor named Joshua noted that Upbit, a major cryptocurrency exchange, saw a daily trading volume of over $90 million in meme coins, including Dogecoin (DOGE) and Shiba Inu (SHIB).
Additionally, it was observed that the Bithumb exchange listed MEW, and it currently does not lag behind other meme coins in terms of trading volume on the exchange. In fact, it leads the total spot market volume on the exchange. Furthermore, MEW’s open interest in futures trading on exchanges exceeded $63.62 million in 24 hours, marking an all-time high.
How Much Will MEW Be Worth?
According to analyses, MEW appears to be forming a double bottom pattern in a weekly time frame, which could confirm the existing upward trend.
Based on the existing upward formation, MEW surpassed the resistance considered as the neckline, indicating that despite previous sales at $0.0062, this time it did not happen.
This situation reveals that investor interest has reached a whole new level. Despite currently being at $0.007469, MEW must close strongly above $0.0065 in daily or weekly candlestick views. If this happens, a significant upward movement could occur. Conversely, if it moves below the mentioned level again, MEW could drop to $0.0033.
