MemeCore (M) has somehow taken the lead as the only token in the top 100 by market cap on CoinMarketCap at the time of writing this report, which is up double digits.
The asset rose 16% as sentiment continued to show strength in buying activity. While this is good for the asset, not every signal aligns and this difference puts a magnifying lens on what is happening in the market.
Mindshare falls as price remains constant
The fluctuation moved in the opposite direction MemeCore mindshare on social media platforms. CoinMarketCap dataTracking how often the token appears on social networks shows that opinion sharing is declining even if the price remains stable.
Press time figures show around 688 bets have been read so far. Mentions are often a useful indicator of retail engagement, and mid-levels tend to signal a healthy market.
In this case, the lower number still looks positive because it indicates that retail traders have not yet fully grasped it. The market therefore avoided a frenzy and reserved room for further upside.
Meanwhile, sentiment remains in positive territory at 4.64, indicating that investors remain bullish. Any upward movement from here would indicate that an increasing number of investors are expecting additional price increases in the short and near term.
Spot purchases trigger the rise
The purchasing activity prevailing in the spot market stands out as the clearest driving force behind this move. CoinGlass spot net flow currently shows minus $32,000.
A negative net flow means MemeCore is leaving exchanges rather than moving into them, and readings in this range generally indicate a longer-term play as investors lock their assets into wallets. At the time of writing, approximately $596,000 was transferred to wallets.
Interest appears to be more global in nature, as Kraken, a US-focused exchange, showed American investors selling and the exchange’s total net flow closing close to $91,000 in the last 24 hours.
Spot flow remains a critical factor as sustained buying at this level will support the asset. Data from five days ago traces the accumulation trend to the point where net flow reached minus $136,000.
Steady flow maintains uptrend
In the continuous market, investors remain bullish; The funding rate and open interest point in the same direction.
The open interest-weighted funding rate, which blends both data sets, shows that the $31.19 million committed to the perpetual market is largely supporting the upside as investors open more contracts.
This positioning means investors are anticipating further upside movement and are directing capital towards that outcome; This increases the possibility of directional flows in the near term.
- MemeCore is currently the only top 100 coin trading in double digits, gaining 16% although retail investors on social media hardly noticed it.
- Investors who buy appear to be making a long-term purchase and withdraw cryptocurrencies from exchanges into personal wallets, which often signals a hold.
