The cryptocurrency world never ceases to amaze, and this time, MemeCore is stealing the spotlight. The altcoin recently surged 93% to reach an all-time high (ATH) of $1.1, sparking interest from investors and enthusiasts alike. But with the market as volatile as ever, the big question on everyone’s mind is: can MemeCore sustain its gains?
What Is Fueling MemeCore’s Explosive Growth?
MemeCore [M] caught everyone’s attention after bouncing off its recent low of $0.39, rallying to a staggering ATH of $1.1 before slightly correcting to $0.983 at press time. This impressive performance has been bolstered by increased trading volume (up 198% to $43.9 million) and a considerable market cap rise of 91%, peaking at $1.1 billion before settling at $926 million.
A closer look reveals that whale activity has played a pivotal role in MemeCore’s surge. According to analytics platform Nansen, top holders increased their positions by 33%, accumulating a total of 235.8 million tokens, equivalent to 4.47% of the total supply. This whale accumulation, amounting to approximately 51.9 million tokens, has been instrumental in driving demand for MemeCore.
Derivatives Market Sees Massive Interest
The buzz around MemeCore isn’t limited to spot trading. The derivatives market has seen a flurry of activity, with Open Interest (OI) spiking 211% to $78 million, and trading volume soaring 958% to $808 million. Data from CoinGlass also shows a Long/Short Ratio of 1.008, indicating a greater inclination toward long positions as traders bet on further price increases.
Momentum Indicators Suggest Continued Uptrend
Technical tools like the Stochastic Relative Strength Index (RSI) and standard RSI point to strong bullish momentum. MemeCore’s Stochastic RSI climbed to 73.76 following a bullish crossover, while its RSI value soared to an impressive 83.6, signaling intense buying pressure.
If whale accumulation continues alongside increased demand in the futures market, MemeCore could soon chart new ATH levels. However, a correction could follow if profit-taking outpaces fresh accumulation, with $0.7 identified as a critical support zone.
Should Investors Jump In?
While the current rally is undeniably exciting, potential investors should be cautious. The cryptocurrency market is notoriously volatile, and sharp movements upwards are often accompanied by equally significant corrections. As always, thorough research and risk management are essential before making any trading or investment decisions.
Keeping Your Crypto Portfolio Secure
As you explore promising cryptocurrencies like MemeCore, securing your holdings should be a top priority. Consider using a trusted hardware wallet like the Ledger Nano X, which provides offline storage and robust security features to keep your investments safe.
Acknowledging that the crypto landscape is fast-moving and high-risk, staying informed and diversifying your portfolio remains critical for long-term success.
