As of this writing, the memecoin’s Futures Open Interest totaled $2.21 billion, having risen by over 100% since the beginning of March.When an asset’s open interest rises in this manner, it means that the number of open positions in that asset has increased. This signals a surge in market activity as more traders open new positions or maintain existing ones.
When an asset records a rise in its Futures Open Interest and positive Funding Rates, it is a bullish signal. This indicates that future market participants have continued to open trade positions in favor of a price rally.AMBCrypto’s assessments of its price movements on a 1-day chart revealed that the memecoin was poised to extend the seven-day rally.
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