MemeCore [M] has somehow led the pack as the only top-100 token by market capitalization trading up by double digits on CoinMarketCap at the time of this report.
The asset has climbed 16% as broader sentiment continues to show strength in buying activity. While this reads well for the asset, not every signal aligns, and that divergence places a magnifying lens on what is unfolding across the market.
Mindshare falls as price holds
The surge has moved in the opposite direction to MemeCore’s mindshare across social media platforms. CoinMarketCap data, which tracks how often the token appears across social networks, shows that mindshare has plummeted even as the price has held firm.
Press-time figures put mindshare at a reading of roughly 688 mentions so far. Mentions typically offer a useful gauge of retail involvement, and moderate levels tend to signal a healthy market.
In this instance, the low figure still leans positive, since it suggests retail traders have yet to fully catch on. The market has therefore avoided a frenzy and retains room for a further upswing.
Sentiment, meanwhile, sits firmly in positive territory at 4.64, an indication that investors remain leaned toward the bullish side. Any move higher from here would show that a growing share of investors expect additional price gains over the short to near term.
Spot buying drives the surge
The buying activity dominating the spot market stands out as the clearest driver behind the move. CoinGlass spot netflow currently reads negative $32,000.
A negative netflow means more MemeCore has left exchanges than has moved onto them, and readings in this range often hint at a longer-term play as investors lock their holdings into wallets. Around $596,000 has shifted into wallets at press time.
The interest also appears more global in nature, as Kraken—a U.S.-focused exchange—shows American investors selling, with the exchange’s total netflow closing near $91,000 over the past 24 hours.
Spot flow remains a critical factor, since sustained buying at this level would keep the asset supported. Data from five days ago traces the accumulation trend back to that point, when netflow reached negative $136,000.
Perpetual flow holds bullish
Across the perpetual market, traders continue to lean bullish, with funding rate and open interest both pointing the same way.
The open-interest-weighted funding rate, which blends both data sets, shows that the $31.19 million committed to the perpetual market has largely backed a rally, as traders open more contracts.
That positioning implies traders anticipate further upside and are channeling capital toward that outcome, which raises the odds of directional flow in the near term.
- MemeCore is the only top-100 coin trading up by double digits right now, gaining 16% while the retail traders on social media has barely noticed.
- Investors buying appear to be settling in for the long haul, pulling coins off exchanges and into personal wallets, which usually signals holding.
