Memecore surges 93% as whales scoop 51.9 million tokens

Key Takeaways

MemeCore surged 93% to an ATH $1.1 as whales bought 51.9 million tokens and Open Interest rose 211%. With momentum building, the question is whether M can sustain the uptrend.

MemeCore [M] bounced off its recent low of $0.39 and rallied 93.91% to a new all-time high of $1.1 before slightly retracing to $0.983 at press time. 

Over the same period, the altcoin’s trading Volume surged 198% to $43.9 million, while its Market Cap jumped 91% to $1.1 billion, then retraced to $926 million. 

Naturally, when Volume and Market Cap rise together, it signals steady inflows and more vigorous on-chain activity.

But can MemeCore sustain these gains?

Whales buy the dip

As the memecoin dipped below $0.4, whales entered the market to accumulate. 

According to Nansen, MemeCore top holders increased their holdings by 33% to 235.8 million, equivalent to 4.47% of the supply.

As such, MemeCore whales bought 51.9 million tokens while only offloading 800,000. In turn, this resulted in Whale Balance changing by around 51 million, a clear sign of whale accumulation. 

Source: Nansen

Derivatives market turns bullish

Interestingly, when we examine the Derivatives market, we find that investors rushed into the market as prices recovered, seeking strategic positioning. 

According to CoinGlass, MemeCore’s Open Interest (OI) surged 211.12% to $78 million, at press time, while Volume jumped 957.96% to $808 million. 

Source: Coinglass

Typically, when Volume and OI rise together, it signals deeper participation and capital inflow into futures.

Additionally, the memecoin’s Long/Short Ratio stood at 1.008, indicating a heavier demand for long positions. In fact, most traders were betting on further upside.

Profit takers crash the party.

As expected, after MemeCore rebounded from the correction, holders rushed to cash out.

According to Coinalyze, the coin logged 71,000 in Sell Volume versus 68,000 in Buy Volume, leaving a small negative Buy-Sell Delta of -3,000.

Source: Coinalyz

Furthermore, exchange activity reflected the selling pressure.

According to CoinGlass, MemeCore recorded a positive Spot Netflow for two consecutive days. 

At press time, Netflow was $93.3k, indicating a higher outflow compared to inflow, a clear sign of aggressive selling. 

Source: Coinglass

Can M sustain the uptrend?

According to AMBCrypto’s analysis, MemeCore rallied as whales returned to the market and demand for Futures skyrocketed.

For that reason, its Stochastic RSI surged to 73.76 at press time after a bullish crossover the previous day. Likewise, its Relative Strength Index (RSI) hiked to 83.6, further validating the upswing.

Source: Tradingview

Typically, when these momentum indicators enter bullish zones, they highlight strong upward momentum, primarily driven by solid buying pressure.

Having said that, if whales continued to accumulate, the uptrend would likely persist, with the memecoin making a new all-time high.

Conversely, if profit takers outpace whale demand, a correction could follow, with $0.7 as key support.