Cat in a Dog World (MEW), a Solana-based meme coin, has seen a notable surge following its listing announcement on Upbit cryptocurrency exchange, which is one of South Korea’s leading crypto exchanges.
According to the announcement by Upbit, the exchange will list Cat in a Dog World (MEW) in both Bitcoin (BTC) and Tether (USDT) trading pairs. The new listing has set off a wave of bullish momentum for MEW, reflecting the power of exchange endorsements in driving market dynamics.
Upbit imposes trading restrictions on newly listed MEW
The Upbit announcement detailed the specifics of MEW’s trading support, which includes trading on the Solana network. Deposits and withdrawals for MEW were scheduled to begin within three hours of the notice, with trading support set for 19:00 UTC on September 19.
However, the exchange has imposed certain trading restrictions to manage the asset’s volatility. Buy orders were restricted for approximately five minutes post-trading support, and minimum sell price restrictions were enforced to prevent sell orders at prices less than 10% of the previous day’s closing price.
Market and reservation orders were also restricted for about an hour after trading commenced. These measures are designed to stabilize the market and prevent sudden price swings, providing a more controlled trading environment for both new and experienced traders.
In addition to trading restrictions, Upbit emphasized the importance of adhering to network guidelines for deposits and withdrawals. Transactions are only supported through the Solana network, and deposits through other networks are not accepted.
Moreover, deposits must be made from personal wallet addresses with completed ownership verification to ensure compliance with regulatory requirements.
Cat in a Dog World (MEW) hits $0.0057 post-Upbit listing
Following the Upbit listing news, MEW, a meme coin launched in March 2024, experienced a remarkable price surge of 30% within a few minutes of the announcement, pushing its trading price above $0.0057, before settling at $0.005491Â at press time.
While there are no other major developments around MEW, the current price surge can be wholly attributed to the listing on Upbit, which boasts a daily trading volume of approximately $2.5 billion.
Besides the price surge, the listing also caused MEW’s trading volume to spike by 290%, reaching $168 million according to Coinmarketcap data.
The meme coin, now the fourth-largest meme coin on the Solana network with a market cap of $480 million, has also witnessed a sharp rise in its Relative Strength Index (RSI), which soared to 79.38 from 22 the previous day.
While the RSI surge is a bullish signal, the current RSI level indicates that MEW is currently in the overbought zone, suggesting potential short-term profit-taking by traders. The listing of MEW on Upbit not only underscores the growing popularity of meme coins but also highlights the critical role of exchange listings in influencing market behavior. As MEW continues to gain traction, it will be interesting to observe how its market presence evolves in the coming weeks.
Conclusion
The listing of “Cat in a Dog World” (MEW) on Upbit has sparked significant bullish momentum, highlighting the influence of exchange endorsements on meme coins. The immediate 30% surge in MEW’s price and a dramatic spike in trading volume reflect how a major platform like Upbit can drive market interest, even for niche cryptocurrencies.
However, with MEW now in the overbought zone according to its RSI, this rapid rise may attract short-term profit-taking, potentially leading to volatility shortly. Overall, while the listing demonstrates the growing appeal of meme coins on established exchanges, it also emphasizes the importance of managing market expectations amidst such price swings.
