- MEW token reaches $1 billion market cap after breaking all-time excessive.
- Solana sees 17% value leap amid rising MEW quantity and staking exercise.
- MEW token listed on Bitstamp with buying and selling pairs EUR and USD.
The cat-themed coin MEW soared to new heights, surpassing its all-time excessive and surpassing $1 billion in market capitalization. This milestone follows Bitstamp's announcement to checklist MEW buying and selling pairs as MEW/USD and MEW/EUR. As well as, Korea's high trade Upbit reported a better quantity of MEW than Bitcoin, indicating the rising recognition of this meme coin.
Market specialists are enthusiastic about MEW's potential given its regular upward development since its launch. Some analysts are predicting parabolic strikes with a value goal of $0.045 within the coming days. However others are cautioning consumers towards FOMO, warning {that a} potential reversal might catch out latecomers.
The platform's decentralized help helps the rise of MEW
The expansion of MEW is pushed by growing help from decentralized platforms. Drift Protocol, constructed on Solana, added persistent futures buying and selling for MEW with as much as 4x leverage. This follows different platforms launching MEW perpetuals, together with Kwenta and Synthetix on Base, which launched on October twenty second. These listings and the thrill surrounding meme cash contributed to the value improve.
The Solana community can also be experiencing development. The value of SOL has elevated by 17% over the previous week, partly as a result of in depth betting exercise. For instance, a brand new pockets lately withdrew 150,000 SOL (value about $26 million) from Binance and staked it, demonstrating confidence in Solano's future.
Additionally Learn: Solana Value Evaluation: SOL Crosses $170, Resists Bears
The fifth largest altcoin continues to carry out nicely and outperform expectations. After a pointy decline on October twenty third, SOL bounced again and confirmed how market sentiment may be inaccurate.
Whereas MEW's fast rise is attracting consideration, it additionally raises questions on its long-term prospects. Some merchants are shorting the token, evaluating it to different meme cash which have skilled fast reversals. Traders ought to look ahead to indicators of a market correction when contemplating the potential of each Solana and MEW.
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