- The price of MEW has increased by more than 200% since its launch.
- The sentiment around BOME was bearish, while MEW’s metrics looked bullish.
The memecoin frenzy shows no signs of slowing down as a wave of new cryptos floods the market. Among them is the idiosyncratic newcomer: Cat in a dogs world [MEW].
The Solana-based memecoin MEW came into the spotlight because it managed to outdo itself Book of MEME [BOME]. However, BOME quickly regained its position at the time of writing.
The robust growth of MEW
It’s only been a month since MEW launched, and within that short period it has shown explosive growth. According to CoinMarketCapthe value of the newly launched memecoin has increased by more than 200% in the past 30 days.
The massive price increase allowed MEW to quickly become a mainstream memecoin.
In fact, according to a recent one tweet from SolanaFloor, MEW managed to flip BOME in terms of market capitalization.
However, the trend did not last long as BOME rapidly increased its market capitalization and overtook MEW. The reason behind this was the high volatility in the market.
On the one hand, the price of BOME has increased by almost 4% in the last 24 hours and on the other hand, the price of MEW has only increased by 1% in the same period.
At the time of writing, BOME was trading at $0.01077, making it the 122nd largest crypto. MEW was valued at $0.005876.
Although BOME took the lead, the difference between the market capitalization of these two memecoins was only $70 million. That’s why AMBCrypto dug deeper into their stats to see if MEW can surpass BOME in the coming days.
BOME vs. MEW
AMBCrypto’s analysis of Santiment’s data showed that both MEW and BOME’s social volumes remained similar over the past week.
However, the market sentiment around them was different. MEW’s weighted sentiment registered a peak on April 25, indicating that bullish sentiment around it was increasing.
Things were different at BOME, as the weighted sentiment remained in the negative zone, meaning the bearish sentiment surrounding it was dominant in the market.
Source: Santiment
We then analyzed the daily charts of both meme coins to understand which way they were heading. We found that BOME’s MACD showed a bullish edge in the market, indicating continued price appreciation.
However, the Relative Strength Index (RSI) rested below the neutral limit. This suggested that the bull rally could end soon, giving MEW a chance to rise above BOME.
Source: TradingView
Realistic or not, here it is BOME market cap in terms of BTC
MEW’s price rested above its 20-day Simple Moving Average (SMA), as indicated by the Bollinger Bands. The Money Flow Index (MFI) was also above the neutral line, indicating that the chances of a price increase in the coming days are high.
But the Chaikin Money Flow (CMF) looked bearish as it registered a sharp decline.
Source: TradingView