Upbit listing triggered bullish momentum for MEW

The Solana-based meme coin, cat in a dogs world, recorded a notable price surge following a major announcement from South Korean crypto exchange Upbit.

According to the Upbit announcement, the exchange will list cat in a dogs world (MEW) today at 10:00 UTC. MEW will be traded in Bitcoin (BTC) and Tether (USDT) markets, and will only support the Solana network for transactions. 

MEW witnessed a quick surge following the listing statement from the leading Korean exchange with a daily trading volume of roughly $2.5 billion. The meme coin rose by 26% in the past 24 hours and is trading at $0.0054 at the time of writing.

Moreover, MEW is currently the fourth-largest meme coin on Solana with a market cap of $480 million. The asset’s 24-hour trading volume also increased by 230%, reaching $144 million. 

MEW was launched in March and has already been listed on leading centralized crypto exchanges including OKX, Bybit, HTX and KuCoin, to name a few.

The sudden surge has pushed the meme coin to the overbought zone. Per data from crypto.news, the MEW Relative Strength Index is currently sitting at 85, marking a notable rise from yesterday’s 22.

MEW’s rising RSI might have been majorly impacted due to the hurried accumulation. However, short-term traders seem to be taking profits already.

Last week, Nervos Network (CKB) saw a pretty similar price surge after the Upbit listing. CKB recorded a 111% rally within a week of the announcement.