MemeCore – How falling trading volume could derail M’s 11% rally

MemeCore [M] has recorded an 11% price surge over the last 24 hours at press time, after a sharp rejection from the 20-day EMA at $1.13. Despite the surge, the token lacks volume, with its trading volume shrinking by 4% over the same period.

However, MemeCore derivatives are leaning to the bulls. The token’s Open Interest (OI) has gained by 28% to $6.8 million over the last 24 hours, and long positions account for 54% of the total leveraged position.

Could the positive derivatives keep the current momentum going? 

Rising OI supports bullish positioning

On the derivatives, most on-chain metrics are leaning to the bulls. MemeCore‘s OI has recorded a 33% increase to 34 million over the last 24 hours. The spike indicates that traders are opening or maintaining more outstanding derivatives positions. 

Moreover, the rise suggests growing interest in the token as its price rebounds.

At the same time, it’s key for investors and traders in running positions to note that long positions account for more than 54% of leveraged positions, giving bullish traders a modest majority. 

This positioning could support further gains if buyers continue entering the market and the price maintains its upward trajectory.

Falling volume raises questions

According to the recent data, MemeCore’s trading volume has slipped by 4% to $3.79 million over the last 24 hours despite the overall weekly volume surging significantly.

On the short term, the daily drop creates a divergence between MemeCore’s price action and market participation. While the token price has gained 11%, lower turnover suggests that fewer tokens are changing hands than during the previous 24-hour period.

If volume continues to weaken, the rally could struggle to attract enough demand to extend its gains out of the current ranging structure. The increase in OI may reflect growing speculative exposure rather than sustained spot accumulation.

Besides, this combination also raises liquidation risks. If the price reverses, leveraged longs could face forced closures, adding to selling pressure.

Can MemeCore extend its rally?

MemeCore’s short-term outlook depends on whether derivatives demand translates into sustained buying. A continued growth in OI, a stable long bias, and recovering spot volume would strengthen the case for further bullish push.

On the daily chart, the 11% rally shows renewed price strength and has pushed the token past the 20-day Exponential Moving Average, but declining volume limits confirmation.

Final Summary

• MemeCore has gained by more than 10% after a sharp rejection around the 20-day EMA at $1.13, while trading volume slips 4%.
• The network’s Open Interest climbs to $7.3 million, with longs accounting for 54% of leveraged positions.