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Cryptocurrency News Articles
MEW Price Spikes 14% Post-Listing on Upbit KRW Market
Oct 22, 2024 at 05:00 am
MEW, a Solana-based token, soared by 14% following its listing on the South Korean exchange Upbit in the KRW market.
Solana (SOL)-based token Cat in a Dogs World (MEW) saw a 14% price surge following its listing on the South Korean exchange Upbit in the KRW market.
The announcement also led to a 370% increase in trading volume, indicating heightened investor interest and bullish sentiment toward the token.
MEW Joins Upbit KRW Market
In an official notice from the cryptocurrency exchange dated October 21, MEW is now available on the Upbit KRW market.
This means that users will be able to trade the MEW/KRW pair on the exchange starting today at 16:00 UTC.
According to Coingape, buying will be disabled around five minutes after the announcement of trading support.
Furthermore, the South Korean crypto exchange noted that deposits and withdrawals will only be possible through the supervised network MEW-Solana.
Additionally, transactions can only be made to personal wallet addresses once ownership confirmation is complete.
However, the listing is significant as it opens the door for more trader and investor engagement with the asset and offers improved trade possibilities in the Asian market.
Third Meme Coin Listed After DOGE, SHIB
Among these additions to the market with the KRW peg, the Solana-based token stands out as the third meme coin, following DOGE and SHIB.
In the wake of Upbit's listing announcement, the price of MEW saw a wave of optimism.
Over the last 24 hours, the price of MEW has increased by 14%, currently trading at $0.009561.
During the day, the coin's lowest price was $0.008382, and the highest was $0.01043.
Intraday trading volume for the coin also surged to $358.26 million, indicating that traders were pleased by the listing announcement as well.
MEW Price Spikes 14% Post-Listing
On the other hand, based on past statistics and the listing announcement, market watchers expect the asset to continue to rise.
Also worth mentioning is that the Solana meme token saw an impressive rally last month when Upbit announced launching it in the BTC and USDT marketplaces.
The current KRW pair listing has garnered substantial attention due to its past performance.
Moreover, data from Coinglass shows that the futures OI of the Solana-based coin increased by roughly 16% to $165.43 million today.
Meanwhile, derivatives volume also went up, rising to $1.32 billion, which is a 302% increase, a cause for optimism.
Factoring in today's price gains, the data suggests that MEW is presently experiencing an upward trend.
Futures, Derivatives Market Optimism
The price surge comes at a time when market participants are looking to leverage futures and derivatives markets, further boosting confidence in the token’s potential for sustained growth.
As a result, the listing on Upbit has injected optimism into the broader trading environment, with expectations of continued momentum.
Disclaimer:info@kdj.com
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