MemeCore Leads Memecoin Rebound with 11.2% Rally

MemeCore has rebounded strongly after a prolonged period of downward pressure across the market. In the last 24 hours, the memecoin market cap rose by 8% to $23 billion, while trading volume increased by 77% to $2.85 billion.

The sector-wide trend reversal saw MemeCore [M] rise from $1.1 to a local high of $1.329 and trade around $1.32 as of this writing, after increasing by 11.2% on the daily charts. However, its trading volume dropped by 13%, indicating that market participation has yet to recover.

The memecoin's Open Interest climbed by 9.4% to $25.66 million, suggesting increased participation as traders opened new positions. According to CoinGlass data, MemeCore recorded $1.84 million in Futures inflow compared to $1.47 million in outflows, resulting in a Futures Netflow drop of 89% to $365k.

The memecoin's Long/Short Ratio jumped above 1 across exchanges, with the overall ratio at around 1.07 as of this writing, reflecting high demand for long positions. This implies that traders mostly opened long positions, indicating bullishness and expecting the market to continue rising.