MMT Surges 40% After Binance Trading Tournament

Momentum's native token, MMT, surged over 40% in a day after Binance launched a spot trading tournament on August 6. The tournament offered up to 2 million MMT as prize vouchers.

The event pulled in fresh volume, with 24-hour volume hitting $318.55 million, a 451% increase against the market capitalization of around $46.74 million. The token's daily RSI sits at 62.08 and weekly RSI at 63.86, both below the overbought threshold.

Analysts are now wondering whether the move has legs beyond the tournament-driven hype. Concentration risk is another factor to consider, as the top three wallets control over 55% of the supply.