Memecore surges by 93%, reaching an all-time high of $1.1 - Is further growth imminent?
In the world of cryptocurrency, MemeCore [M] has been making waves as it surges 93.91% to a new all-time high of $1.1 before slightly retracing to $0.983 at press time. This remarkable uptrend has seen the trading volume of MemeCore [M] surge 198% to $43.9 million, with the market cap jumping 91% to $1.1 billion, then retracing to $926 million.
This surge in MemeCore [M] can be attributed to a significant increase in whale activity. Top holders have accumulated 51.9 million MemeCore [M] tokens, an increase of 33%, while only offloading 800,000 tokens. This whale accumulation is evident in MemeCore's Whale Balance, which has changed by around 51 million, a clear sign of whale interest.
Exchange activity shows selling pressure, with MemeCore recording a positive Spot Netflow for two consecutive days. At press time, Netflow was $93.3k, indicating a higher outflow compared to inflow. This could suggest profit-taking among investors, but the overall sentiment remains bullish.
The strong buying pressure is further validated by MemeCore's Relative Strength Index (RSI), which hiked to 83.6, and its Stochastic RSI, which surged to 73.76 at press time after a bullish crossover the previous day. These momentum indicators, when entering bullish zones, typically highlight strong upward momentum.
Interestingly, institutional actors or large investors seem to be the strongest recent buyers of MemeCore [M]. Significant activity has been detected via trading bots like the Telegram-based Snorter Bot on Solana, designed to capitalize on liquidity movements. However, the exact purchase size details are not publicly specified, though the coin’s market capitalization surpassed $1.6 billion recently, indicating very large volume engagement.
However, it's worth noting that while the uptrend is currently strong, there are questions about whether MemeCore [M] can sustain it. If profit takers outpace whale demand, a correction could follow, with $0.7 as key support.
In conclusion, the developments in the MemeCore [M] market suggest deeper participation and capital inflow, particularly into its derivatives market. The market cap currently stands at $926 million, and the coin's all-time high remains within reach if whales continue to accumulate.
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