Cat-Themed Meme Coin MEW Surges to New Heights, Topping $1 Billion Market Cap

The cat-themed MEW coin has soared to new heights, breaking its all-time high and exceeding a $1 billion market cap. This milestone follows Bitstamp’s announcement to list MEW trading pairs like MEW/USD and MEW/EUR. In addition, Korea’s top exchange, Upbit, reported higher MEW volume than Bitcoin, showing the rising popularity of this meme coin.

BREAKING: SOLANA MEMECOIN $MEW (@MewsWorld) HITS $1 BILLION MARKET CAP pic.twitter.com/8VFkUjyVVq

— DEGEN NEWS (@DegenerateNews) October 24, 2024

Market experts are excited about MEW’s potential, given its consistent uptrend since its launch. Some analysts predict parabolic moves in the coming days, with a target price of $0.045. However, others caution FOMO buyers, warning that a potential reversal could trap those late to the game.

Decentralized Platform Support Fuels MEW’s Rise

MEW’s growth is driven by increasing support from decentralized platforms. Drift Protocol, built on Solana, has added perpetual futures trading for MEW with up to 4x leverage. This follows other platforms listing MEW perpetuals, including Kwenta and Synthetix on Base, which launched on October 22. These listings and the excitement around meme coins have contributed to the price surge.

The Solana network is also experiencing growth. SOL’s price has increased by 17% over the past week, partly due to large-scale staking activity. For example, a new wallet recently withdrew 150k SOL (worth about $26 million) from Binance and staked it, showing confidence in Solana’s future.

Read also :Solana Price Analysis: SOL Breaks Above $170, Defying Bears

Source: Lookonchain

The fifth-largest altcoin continues to perform well, exceeding expectations. After a sharp decline on October 23rd, SOL has rebounded, demonstrating how market sentiment can be inaccurate.

While MEW’s rapid rise is attracting attention, it also raises questions about its long-term prospects. Some traders are shorting the token, comparing it to other meme coins that experienced rapid reversals. Investors should watch for signs of a market correction while considering the potential of both Solana and MEW.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source