MEME Jumps 41.9% Amid Record Trading Activity
Key Takeaways
- Memecoin (MEME) surged by 41.9% in 24 hours, reaching up to USD 0.0028.
- Trading volume skyrocketed by 5,742% to USD 1.24 billion – an all-time high.
- Open interest also hit a record high at USD 53 million.
- Strong demand and increased buying activity indicate bullish market behaviour.
- A breakout above USD 0.0028 could trigger further upward momentum.
What’s Behind the Sudden Price Surge?
The memecoin MEME experienced a remarkable price increase within a single day. From a low of USD 0.0014, the price climbed to a local high of USD 0.0028. Although the price slightly pulled back afterwards, it most recently stood at USD 0.002292 – a daily gain of 41.9%.
At the same time, trading volume saw a massive spike to USD 1.24 billion, representing a rise of over 5,700%. Open interest – the total volume of open derivative positions – also jumped by 263% to USD 53 million. Such parallel increases in volume and open interest signal strong market interest and the opening of new trading positions.
What Does This Mean for Investors?
The current trend shows that MEME is in high demand. This is reflected not only in the numbers but also in the behaviour of market participants. Net outflows from exchanges – the difference between deposits and withdrawals – have dropped by nearly USD 1.9 million over the past three months. This suggests that many investors are withdrawing their coins to hold them long-term.
Order books also paint a clear picture: Over 761 million buy orders were registered within a single day. This points to a clear dominance of the buy side. Such imbalances are often precursors to further price increases.
Technical Barriers and Potential Risks
Despite the positive momentum, there are still technical hurdles. The area around USD 0.0028 currently acts as resistance. If MEME can sustainably break through this level and turn it into support, the upward trend could continue.
Another key factor is the closing price. A daily close above USD 0.0022 would confirm the bullish scenario. However, if the price falls below this level, short-term investors may take profits – potentially leading to a pullback to around USD 0.00145.
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Our Assessment
The price surge of MEME is no coincidence. The combination of strong trading volume, rising open interest, and net outflows from exchanges points to genuine demand. The behaviour in the order books also indicates that many market participants are betting on further price increases.
Whether this marks the beginning of a new trend or just a short-term peak will depend on how the price develops going forward. The key will be whether MEME can sustainably break through the USD 0.0028 mark. Investors should closely monitor price movements and be prepared for potential pullbacks.
Sources
- Coinglass
- MobChart
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