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Key Takeaways
- Cryptocurrency market sees important downturn.
- MEW’s worth surges, defying market pattern.
- One investor accumulates large MEW, WIF holdings.
The cryptocurrency market has lately skilled a notable downturn, with main property like Bitcoin (BTC) and Ethereum (ETH) hitting multi-week lows. Despite this, some Solana-based memecoins have emerged as exceptions to the pattern. Of these is a brand new memecoin known as Cats in a Dogs World (MEW).
MEW made its all-time excessive of almost $0.01 on March 30. After testing this degree as soon as extra on the subsequent day, it fell to a low of $0.046, reducing by 52% on April 1. The downfall was short-lived, because it made a 100% restoration with its worth now buying and selling at $0.0092 at the moment, April 3.
What Drove The Rise?
MEW has seen its worth skyrocket by over 30% at the moment, pushing its market capitalizationof $765 million. This surge comes solely every week after its launch, following a rally that caught the eye of figures like BitMEX co-founder Arthur Hayes and crypto analyst Lark Davis. Davis highlighted a dealer who turned a $35,000 funding into $44 million by means of MEW.
In associated developments, one whale recognized to build up WIF has additionally been accumulating giant quantities of MEW, as recorded by blockchain-monitoring service Lookonchain .
This investor purchased 181 million MEW and 776,830 WIF, totaling investments of hundreds of thousands in SOL. As a consequence, there at the moment are appreciable unrealized income, spotlighting the continuing curiosity in Solana’s memecoin ecosystem.
MEW Price Analysis
The worth of MEW began off its first uptrend at a worth of $0.00080 on March 27 and rose to a excessive of almost $0.01 simply a few days after on March 30. This was adopted by a deep correction to the 0.618 Fibonacci degree, ending on the $0.0046 space. This might have been its corrective stage, establishing the primary greater low.
Because we noticed the beginning of a brand new development from April 1, there’s a robust likelihood we’re seeing a bigger wave three out of a five-wave depend. If that is true, then MEW might be eyeing a brand new all-time excessive at $0.019 on the 1.618 Fibonacci extension degree.
The affirmation will include the value surpassing its earlier excessive of $0.0098. But if it fails to interrupt by means of the resistance for a 3rd time, one other descending transfer might take place. If that occurs, MEW might revert to its April 1 ranges.
The hourly chart RSI is sitting at 70%, which means it’s beginning to point out overbought circumstances. However, with the restricted worth historical past, this indicator doesn’t maintain a lot weight. Since MEW is simply round 11% beneath its March 30 excessive, we are going to quickly see what’s going on.
Disclaimers
Please observe that the contents of this text usually are not monetary or investing recommendation. The data offered on this article is the creator’s opinion solely and shouldn’t be thought-about as providing buying and selling or investing suggestions. We don’t make any warranties concerning the completeness, reliability and accuracy of this data. The cryptocurrency market suffers from excessive volatility and occasional arbitrary actions. Any investor, dealer, or common crypto customers ought to analysis a number of viewpoints and be acquainted with all native rules earlier than committing to an funding.
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