Cat In a Dog’s World Memecoin Shoots Up As Whale Purchases – What Next for MEW?
A new Solana-based memecoin made headlines as Arthur Hayes mentions the coin and one whale makes a big bet. Credit: Anadolu
A Key Takeaways
- Cryptocurrency market sees significant downturn.
- MEW’s price surges, defying market trend.
- One investor accumulates massive MEW, WIF holdings.
The cryptocurrency market has recently experienced a notable downturn, with major assets like Bitcoin (BTC) and Ethereum (ETH) hitting multi-week lows. Despite this, some Solana-based memecoins have emerged as exceptions to the trend. Of these is a new memecoin called Cats in a Dogs World (MEW).
MEW made its all-time high of nearly $0.01 on March 30. After testing this level once more on the next day, it fell to a low of $0.046, decreasing by 52% on April 1. The downfall was short-lived, as it made a 100% recovery with its price now trading at $0.0092 today, April 3.
What Drove The Rise?
MEW has seen its price skyrocket by over 30% today, pushing its market capitalizationof $765 million. This surge comes only a week after its launch, following a rally that caught the attention of figures like BitMEX co-founder Arthur Hayes and crypto analyst Lark Davis. Davis highlighted a trader who turned a $35,000 investment into $44 million through MEW.
In related developments, one whale known to accumulate WIF has also been accumulating large amounts of MEW, as recorded by blockchain-monitoring service Lookonchain .
This investor bought 181 million MEW and 776,830 WIF, totaling investments of millions in SOL. As a result, there are now considerable unrealized profits, spotlighting the ongoing interest in Solana’s memecoin ecosystem.
MEW Price Analysis
The price of MEW started off its first uptrend at a price of $0.00080 on March 27 and rose to a high of nearly $0.01 just a couple of days after on March 30. This was followed by a deep correction to the 0.618 Fibonacci level, ending at the $0.0046 area. This could have been its corrective stage, establishing the first higher low.
Because we saw the start of a new advancement from April 1, there is a strong chance we are seeing a larger wave three out of a five-wave count. If this is true, then MEW could be eyeing a new all-time high at $0.019 at the 1.618 Fibonacci extension level.
The confirmation will come with the price surpassing its previous high of $0.0098. But if it fails to break through the resistance for a third time, another descending move could take place. If that happens, MEW could revert to its April 1 levels.
The hourly chart RSI is sitting at 70%, meaning it is starting to indicate overbought conditions. However, with the limited price history, this indicator doesn’t hold much weight. Since MEW is only around 11% below its March 30 high, we will soon see what is going on.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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