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MEW, a Solana-based token, soared by 14% following its listing on the South Korean exchange Upbit in the KRW market. The announcement has sparked an increase in trading volume by 370%, signaling heightened investor interest and bullish sentiment toward the token.
MEW Joins Upbit KRW Market
Cat in a Dogs World is now available on the Upbit KRW market, according to an official notice from the cryptocurrency exchange dated October 21. This implies that today at 16:00 UTC, users will be able to trade the MEW/KRW pair on the exchange.
Approximately five minutes following the notification of trade support, buy orders will be prohibited, Coingape shares.
Additionally, the South Korean cryptocurrency exchange noted that the only way to make deposits and withdrawals is through the supervised network MEW-Solana. Additionally, after ownership confirmation is finished, transactions can only be conducted to personal wallet addresses.
However, the listing has sparked bullishness because it opens the door for more trader and investor engagement with the asset and provides improved trade possibilities in the Asian market.
Third Meme Coin Listed After DOGE and SHIB
Noteworthy among these additions to the market with the KRW peg is the Solana-based token, which follows DOGE and SHIB as the third meme coin. In the wake of Upbit's listing announcement, the price of MEW today rode a wave of optimistic sentiment.
The price of MEW has increased by 14% in the last 24 hours and is now trading at $0.009561. The low point for the coin during the day was $0.008382, and the high point was $0.01043. Intraday trading volume for the coin surged 370% to $358.26 million, suggesting 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.
Additionally, the futures OI of the Solana-based coin climbed by roughly 16% to $165.43 million today, according to statistics from Coinglass. Derivatives volume also increased by 302% to $1.32 billion, which is cause for confidence. Factoring in today's price gains, the data suggests that MEW is presently experiencing an upward trend.
Futures and 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.
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