Key Takeaways

MemeCore rebounded from $0.63 to $0.94 as buyers reclaimed Spot control and Open Interest nearly doubled. Can bulls sustain momentum beyond $1 to retest $1.14?

After retracing from its ATH of $1.14 on the 30th of August, MemeCore [M] rebounded from its $0.63 low. In fact, the token surged 36% to a local high of $0.94 before easing to $0.90 at press time.

Over the same period, MemeCore’s market cap climbed 35% to $895 million while daily Volume rose 17% to $48 million, pointing to steady inflows of capital.

But what’s behind MemeCore’s uptick?

From crash to comeback: Buyers step in!

Between the 28th and the 31st of August, buyers dominated the spot market. And then, sellers briefly took control on the 1st of September.

As such, the altcoin recorded a negative Buy-Sell Delta of -75k tokens. However, by press time, buyers regained control, finally displacing sellers.

According to Coinalyze, MemeCore saw 291.5k in Buy Volume compared to 257k in Sell Volume. This, in turn, produced a positive Buy-Sell Delta of 33k, a clear marker of renewed buyer dominance.

Futures demand surges

Interestingly, when we examine the Derivatives market, we determine that most of the recently deployed capital flowed into strategic positions. 

According to CoinGlass, MemeCore’s Open Interest (OI) surged 94.4% to $83.8 million, at press time, while Volume jumped 235% to $1.4 billion.