MemeCore surges 17% – But is M’s rally heading toward sell off?

MemeCore [M] has surged by more than 17% over the past 24 hours as capital rotates toward memecoins. On the daily chart, M rebounded from its 20-day Exponential Moving Average (EMA) support near $1.131. Meanwhile, long positions accounted for over 54% of market exposure. Derivatives activity also picked up, with Open Interest surging as traders increased their participation. However, MemeCore's MVRV Z-Score stood at 2.4, raising concerns about a possible wave of profit-taking. With bulls gaining momentum and holders sitting on profits, could the rally face its next test sooner than expected? Is the memecoin rally driving MemeCore's recovery? The broader rotation toward memecoins appeared to be supporting MemeCore's latest bullish advance.

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