Momentum Token Soars 77% as Trading Volume Explodes on Binance

Momentum's native MMT token has seen a significant surge in price, increasing by over 77% in the last 24 hours. The sudden rally pushed MMT to around $0.35 and lifted its seven-day gain above 90%. This sharp increase is largely driven by an explosion of trading volume on Binance, with nearly $218.84 million traded, representing a 1,230.05% jump.

Another key factor contributing to the rally is the liquidation of short positions. Over the past 24 hours, total MMT liquidations reached nearly $6.9 million, with about $5.94 million coming from short positions compared to roughly $954.9K in long liquidations.

The strong liquidation of short positions and aggressive short-term trading are key drivers of the rally, rather than low liquidity or slow moves. However, the token is deeply overbought after gaining more than 150% in the past 60 days, making the rally increasingly extended.