- MEW token hits $1 billion market cap after breaking all-time excessive.
- Solana sees costs leap 17% amid elevated MEW quantity and staking exercise.
- MEW token listed on Bitstamp with EUR and USD buying and selling pairs.
The cat-themed MEW coin has reached new highs, breaking its all-time excessive and surpassing the $1 billion market cap. This step follows Bitstamp's announcement to record MEW buying and selling pairs similar to MEW/USD and MEW/EUR. Moreover, Korea's main change, Upbit, reported larger MEW quantity than Bitcoin, demonstrating the rising recognition of this meme coin.
Market consultants are excited in regards to the potential of MEW, given its constant upward development since its launch. Some analysts are predicting parabolic strikes within the coming days, with a value goal of $0.045. Nevertheless, others are warning patrons of FOMO, warning {that a} potential reversal may lure those that are late within the recreation.
Decentralized Platform Help Fuels MEW’s Rise
MEW’s development is pushed by the rising assist of decentralized platforms. Drift Protocol, constructed on Solana, added perpetual futures buying and selling for MEW with as much as 4x leverage. This follows different platforms itemizing MEW perpetuals, together with Kwenta and Synthetix on Base, launching on October 22. These listings and the joy over the meme cash have contributed to the worth surge.
The Solana community can be rising. SOL value has elevated by 17% over the previous week, pushed partly by large-scale staking exercise. For instance, a brand new pockets just lately withdrew 150,000 SOL (price roughly $26 million) from Binance and staked it, demonstrating confidence in the way forward for Solana.
Additionally Learn: Solana Value Evaluation: SOL Tops $170, Defying Bears
The fifth largest altcoin continues to carry out effectively, exceeding expectations. After a pointy decline on October 23, SOL rebounded, demonstrating how inaccurate market sentiment might be.
Whereas the fast rise of MEW attracts consideration, it additionally raises questions on its long-term prospects. Some merchants are shorting the token, evaluating it to different meme cash which have seen fast reversals. Traders ought to look ahead to indicators of a market correction whereas contemplating the potential of Solana and MEW.
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