The Cat in a Dogs World token, MEW, has once again captured the crypto community's attention with a remarkable 18% price surge today, May 29. This impressive rally is backed by a plethora of bullish on-chain factors, showcasing the token's strong market momentum.

Bullish Derivatives Data

The data from the market reveals a significant and sustained interest among investors and traders surrounding MEW. Coinglass highlights a 43.39% surge in MEW's futures open interest to $28.52 million, indicating heightened investor enthusiasm for the asset. This surge is further accompanied by a substantial derivatives volume upsurge of 82.84% to $281.33 million, underscoring a strong market uptrend.

Continued Bullish Momentum

Despite recording $797.3K worth of liquidations, with $427.78K in short and $369.52K in long, MEW has continued to hover in the green territory, highlighting a bullish momentum. The OI-weighted funding rate added to the market optimism surrounding MEW, surging to 0.0457%, hinting that traders are willing to pay more to maintain long positions.

MEW's Price Performance

The MEW price chart showcased an 18.95% uptick in the past 24 hours, with the token currently trading at $0.005102. The token's market cap stood at $453.65 million, followed by a 24-hour trading volume of $182.68 million. The coin's 24-hour lows and highs are $0.004113 and $0.005744, respectively.

Technical Indicators and Future Outlook

Technical indicators show a strong buying sentiment prevailing in the market, further validating MEW's current price upswing. The RSI rested at 63, signaling that the token has yet to enter overbought territory, with slight upside pressure present. This potentially paves the way for further gains, although investors should exercise caution due to the volatility of the crypto realm.

The Cat in a Dogs World token, MEW, has once again proven its resilience, leading the meme coin sector with an impressive 18% price rally. The combination of bullish on-chain factors and technical indicators suggests that the token's momentum may continue, potentially driving further gains in the near future.