The cat in a dogs world token was Bull of the Week, per a renowned trader, Sjuul | AltCryptoGems (@AltCryptoGems). He shared more on this memecoin, as he stated that it had one of the best bull runs of this year. MEW meme coin has gained an incredible following, which has caused its price to skyrocket.
With the price surge, MEW’s market cap has displayed over a 100% surge from the last month. The market cap was at $346.48 Million on June 27th and grew to $719.91 Million at the time of writing. That surge has taken this meme coin to the 95th seat among the top 100 cryptocurrencies.
Its investors and traders looked confident for further growth with time, and its community also seemed pretty active.
Additionally, the memecoin had posted a 12-second animated video clip, where the theme was cats reign supreme now, and the dog days are over. This post fueled a lot of optimism in the meme-MEW and a massive surge of more than 135% on the daily chart.
According to the Messari website, the cat in a dogs world token has a 24-hour Real Volume of $169 Million.
What Does the MEW meme coin Tokenomics Show?
Looking at its tokenomics per the CoinMarketCap website, the cat in a dogs world (MEW) has a total circulating supply of 888.8 Billion MEW tokens. These are floating in people’s hands.
Based on the rich list addresses of the MEW meme coin, the total holders at press time were 183,174. That number signified a massive adoption of this crypto among investors and traders. The cat in a dogs world holders statistics showed that the top 100 holders held nearly 75.68% of the floating circulation of tokens.
The top MEW \address held nearly 5.49%of the supply, totaling 4.876 Billion tokens.
The mem coin’s rising interest among the public signified great optimism building. Besides, the overall sentiment globally appears optimistic for MEW.
Thus, contingent on investors’ accumulation, the upcoming rally may spark more surges in the MEW price.
Evaluating MEW Meme Coin Derivatives Data
The MEW data of derivatives highlights significant activity in its market. As open interest and volume were massive in the past 7 days, the largest activity from both bulls and bears was witnessed.
On looking at its Open Interest (OI), more than 3.62% of contracts were opened in the market with a total OI amount of $123.47 Million. The 24-hour derivatives volume was $1.45 billion at press time.
The liquidation data highlights that in MEW, more shorts have been liquidated than longs in 24 hours. The shorts amounted to $1.30 Million, and the long amounted to $812.73K.
Assessing the Daily Chart Structure of the cat in a dogs world (MEW) Token
Since its start, the MEW (MEWUSD/CRYPTO) has traded in a volatile range. That has led to the formation of a descending triangle pattern over its daily TF chart. In the past two weeks, the surge witnessed has been more than 165%, whereas this week showed a major bullish shift of more than 90% growth.
The price has recently pulled back after a breather to continue thrusting upwards. This behavior exhibited further possibilities of ascent continuation.
When writing, the indicators pierced the 50-day EMA band and were heading to retest the $0.009944 mark. Meanwhile, the MACD had a bullish crossover with a gigantic histogram at 0.00037521. The RSI was at 74.64. It generates concern in the asset (DYOR).
Therefore, the resistance lies around $0.00883 and $0.00994, respectively. However, the support lies around $0.00626 and $0.00485, respectively.
Does the MEW Price Show Signs of Correction?
In short, Cat in a Dog’s World (MEW) meme coin skyrockets, with market cap doubling in a month. Strong community support, bullish sentiment, and derivatives activity fuel the rally. Price breaks resistance, but high RSI warns of potential correction.
 skyrockets, as its market cap rose over 100% in a month. MEW Meme Coin investors are bullish on continued growth.){kind=link}