There are a ton of new cryptocurrencies hitting the market, and the memecoin craze doesn't seem to be abating. The peculiar newcomer Cat in a Dog World [MEW] stands out among them.
MEW, a memecoin headquartered in Solana, gained prominence after surpassing Book of MEME [BOME]. At press time, BOME, however, moved quickly to retake its position.
MEW's strong expansion
MEW debuted just one month ago, yet in that short time, it has shown remarkable growth. The value of the recently released memecoin increased by almost 200% in the last 30 days, according to CoinMarketCap.
MEW became a widely used memecoin very fast thanks to the significant price increase.
As SolanaFloor recently tweeted, MEW really succeeded in flipping BOME in terms of market capitalization.
The trend, though, was short-lived as BOME quickly surpassed MEW in market capitalization. The market's extreme volatility was the cause of this.
In contrast, MEW's price climbed by just 1% during the course of the last 24 hours, while BOME's price increased by about 4%.
At $0.01077 at the time of publication, BOME was ranked as the 122nd largest cryptocurrency. The value of MEW was $0.005876.
BOME vs. MEW
Over the past week, MEW and BOME's social volumes have stayed close to each other.
But the attitude of the market was different toward them. On April 25, MEW's weighted sentiment spiked, indicating a rise in optimistic sentiment surrounding the stock.
In contrast, the market was dominated by bearish emotion for BOME since its weighted sentiment stayed in the negative zone.
After that, we looked over the daily charts of both meme currencies to determine their direction of travel. We discovered that BOME's MACD showed a positive edge in the market, implying that prices would continue to rise.
Its Relative Strength Index (RSI) was, nevertheless, hovering below the neutral threshold. This implied that its bull run would be coming to an end shortly, providing MEW with a chance to surpass BOME.
Bollinger Bands showed that the price of MEW was trading above its 20-day Simple Moving Average (SMA). Additionally, its Money Flow Index (MFI) was above the neutral threshold, suggesting a strong likelihood of price increases in the days ahead.
However, the Chaikin Money Flow (CMF) showed a significant decline, giving it a bearish appearance.
April 2024, Cryptoniteuae