The Cat in a Dog’s World (MEW) token has taken the crypto market by storm with double-digit growth. The strong rally came after South Korea’s largest exchange, Upbit, announced the launch of the MEW/KRW trading pair on October 21. The Solana-based token [SOL] has now become the third memecoin to be traded against Korean Won on Upbit, alongside Dogecoin [DOGE] and Shiba Inu [SHIB].
MEW was initially listed on Upbit in September with trading pairs against Bitcoin [BTC] and Tether [USDT], leading to a brief price surge. However, at that time, it failed to surpass its all-time high (ATH) in March.
Following this news, MEW surged by another 18%, even reaching a new ATH, hitting $0.010.
This rally has followed a consistent pattern of higher highs and higher lows since mid-September, which is a classic sign of an uptrend. At the time of writing, MEW has corrected slightly to $0.009. The Relative Strength Index (RSI) is currently at 70.21, indicating that the market is overbought, but not dangerously so.
Therefore, while there is still room for another rally, the possibility of a correction cannot be ignored.
Bulls Continue to Control the Market
As MEW continues to ride this momentum, it is clear that investors are increasingly focused on its development.
Read more: Investor Turns $296 into $620K in Just 4 Hours
Analysis of data from Coinglass shows that the trading volume has skyrocketed by 302.40%, demonstrating active trading activity. In addition, the open interest (OI) has also increased by 16.14%, reflecting strong market optimism.
Data from Coinalyze shows a positive funding rate and a long/short ratio of 1.19, further reinforcing the fact that buyers are in control. These indicators, along with the price action, highlight a vibrant market, with strong confidence in the growth of MEW price.
