- MEW token hits a brand new all-time excessive, reaching a market cap of $1 billion.
- Solana sees a 17% worth improve attributable to MEW's elevated buying and selling quantity and staking exercise.
- The MEW token is listed on Bitstamp within the EUR and USD buying and selling pair.
The cat-themed MEW coin has soared to new heights, hitting a brand new all-time excessive and reaching a market cap of over $1 billion. This milestone follows Bitstamp's announcement to checklist MEW buying and selling pairs comparable to MEW/USD and MEW/EUR. Moreover, Upbit, a high South Korean alternate, reported larger MEW buying and selling volumes than Bitcoin, indicating the rising reputation of this meme coin.
Market consultants are excited concerning the potential of MEW, which has been on a constant upward pattern since its launch. Some analysts are predicting a parabolic transfer within the coming days, with a goal worth of $0.045. However some are warning FOMO patrons that the potential reversal might lure those that are late to the sport.
Assist for decentralized platforms drives the rise of MEW
MEW's progress is being pushed by rising help from decentralized platforms. The Drift protocol constructed on Solana now has MEW perpetual futures buying and selling with as much as 4x leverage. This follows different platforms that checklist MEW permanents, together with Base's Kwenta and Synthetix, which launched on October twenty second. These listings and the joy surrounding meme cash contributed to the value hike.
The Solana community can be rising. The value of SOL has elevated by 17% over the previous week, due partially to large-scale staking exercise. For instance, the brand new pockets lately withdrew and staked 150,000 SOL (price about $26 million) from Binance, demonstrating confidence in Solana's future.
Additionally learn: Solana worth evaluation: SOL rises above $170, counters bear market
The fifth largest altcoin continues to carry out nicely, outperforming expectations. After falling sharply on October twenty third, SOL has rebounded, exhibiting how inaccurate market sentiment is.
Whereas MEW's speedy progress has attracted consideration, its long-term prospects have additionally been questioned. Some merchants are shorting the token in comparison with different meme cash which have skilled speedy reversals. Buyers ought to look ahead to indicators of a market correction whereas contemplating the potential for each Solana and MEW.
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