2024-04-26 08:06:31
Published: April 26, 2024
- The price of MEW has increased by more than 200% since launch.
- Sentiment around BOME was bearish, while MEW targets looked bullish.
The memecoin frenzy shows no signs of slowing down, with a wave of new cryptocurrencies flooding the market. Among them is the distinctive newcomer: Cat in a dogs world [MEW].
MEW memecoin, based on Solana, became famous because it managed to eclipse MEME book [BOME]. However, BOME was quickly regaining its position at press time.
MEW’s solid growth
It has only been a month since the launch of MEW and in that short period it has shown explosive growth. According CoinMarketCapThe value of the newly launched memecoin increased by more than 200% in the last 30 days.
The massive price increase made MEW quickly become a mainstream memecoin.
In fact, according to a recent cheap Since SolanaFloor, MEW has managed to turn BOME around in terms of market value.
However, the trend did not last long as BOME quickly increased its market capitalization and overtook MEW. The reason behind this was the high market volatility.
On the one hand, the BOME price increased by almost 4% in the last 24 hours and on the other hand, the MEW price only increased by 1% in the same period.
At press time, BOME was trading at $0.01077, making it the 122nd largest cryptocurrency. MEW was valued at $0.005876.
Although BOME took the lead, the difference between the market caps of these two memecoins was only $70 million. Therefore, AMBCrypto dug deeper into its calculations to see if MEW can eclipse BOME in the coming days.
BOME versus MEW
AMBCrypto’s analysis of Santiment data revealed that MEW and BOME social volumes remained comparable over the past week.
However, the market sentiment surrounding it was different. MEW’s weighted sentiment recorded a peak on April 25, suggesting that bullish sentiment around it was increasing.
The case of BOME was different as its weighted sentiment remained in the negative zone, which meant that the bearish sentiment surrounding it was dominant in the market.
We then analyzed the daily charts of both meme coins to understand which direction they were heading. We found that BOME’s MACD showed a bullish edge in the market, indicating a continued price increase.
However, its relative strength index (RSI) was below the neutral mark. This suggested that the bullish rally might end soon, giving MEW a chance to overtake BOME.
Realistically, here it is BOME market value in terms of BTC
The MEW price was above its 20-day simple moving average (SMA), as indicated by the Bollinger Bands. The money flow index (MFI) was also above the neutral mark, indicating that the chances of a price increase are high in the coming days.
But Chaikin Money Flow (CMF) looked bearish as it registered a sharp fall.
This is an automatic translation of our English version.
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