Upbit listing triggered bullish momentum for MEW

Following a major announcement by South Korean cryptocurrency exchange Upbit, the Solana-based meme coin has seen a significant price increase in the world of cats and dogs.

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

MEW has witnessed a rapid rise following the listing announcement on the leading Korean exchange with a daily trading volume of around $2.5 billion. The meme coin is up 26% in the last 24 hours and is trading at $0.0054 at press time.

MEW price and RSI – Sep 19 | Source: crypto.news

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

MEW was launched in March and is already listed on leading centralized crypto exchanges such as OKX, Bybit, HTX, and KuCoin.

The sudden surge has pushed the meme coin into overbought territory. According to data from Crypto.news, the MEW Relative Strength Index currently stands at 85, marking a significant increase from yesterday’s 22.

MEW’s rising RSI may have been heavily influenced by hasty accumulation, but short-term investors appear to be already taking profits.

Last week, Nervos Network (CKB) saw a very similar price increase after its Upbit listing. CKB recorded a 111% rally in the week after the announcement.