Cat in a Dogs World, a popular Solana meme coin, jumped to a record high on Thursday as most cat-themed tokens soared. MEW formed a God candle, reaching a high of $0.01140, which was 325% above its lowest point in June.
Its market cap jumped to $986 million, meaning that more gains will propel its valuation to over $1 billion. If this happens, it will join other Solana meme coins like Dogwifhat, Bonk, and Popcat. All Solana meme coins have accumulated almost $12 billion in valuation.
Notably, Cat in a dogs world has flipped some other popular Solana tokens like Book of Meme, Michi, Fwog, and Myro.
No news in particular pushed MEW’s price upwards to a record high. However, a likely reason is that traders are now anticipating a new cat season after the strong Popcat surge that we wrote about earlier. Popcat soared to an all-time high, making it the second-biggest Solana meme coin.
Other cat-themed tokens have also soared recently. The most notable one was Simon’s Cat (CAT), which has jumped by 52.4% in the past seven days. Other cat tokens like Purr, Keyboard Cat, and Giko Cat have also rallied, bringing the total market cap of all such coins to over $4.7 billion.
Cat in a dogs world’s rally happened as the number of holders jumped to over 178k, while its futures open interest jumped to a record high of $208 million.
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Cat in a dogs world price analysis
MEW chart by TradingView
In our last article on MEW, we predicted that it would stage a strong comeback, citing the cup and handle pattern that was forming. This prediction was correct, as the token staged a strong comeback on Thursday.
MEW has now moved above all moving averages, while the Relative Strength Index (RSI) moved to the overbought point. The MACD indicator continued rising, which is a sign of rising momentum.
Therefore, BanklessTimes predicts that the MEW token will drop and retest the upper side of the cup, and then resume the uptrend. This is known as a break and retest pattern, a sign of continuation.
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