MemeCore Defies Sector Trend with 35% Surge in Derivatives-Driven Uptick
The crypto market has shown relative strength over the past days, but memecoins have been slow to respond until recently. MemeCore [M], however, has defied this trend and led the sector's recovery with a 35% surge in just one day.
This uptick is driven by continued derivatives pressure, as evidenced by Open Interest surging 44% to $25.7 million on CoinGlass data, while derivatives volume rose 91% to $39 million. On Binance, traders mostly opened leveraged longs, with the Long/Short Ratio rising to 1.89.
Despite this bullish signal, investors are still not expecting a sustained uptrend. Outflows dominated both Futures and Spot, with MemeCore seeing $8.89 million in outflows compared to $8.34 million in inflows on the Futures side, and recording $444k in inflows compared to $415k in outflows on the Spot side.
Momentum indicators confirm this view, with the Relative Strength Index (RSI) jumping to 78 and the Trends Strength Index (TSI) holding in an upward trajectory. However, intense selling pressure presents more downside risks if profit takers continue.