Memecoin [MEME] Surges 41.91% in 24 Hours, Volume Jumps 5742.1%

Memecoin [MEME] has seen a remarkable surge in its value, jumping by 41.9% over the past 24 hours. The memecoin's price skyrocketed from a low of $0.0014 to a local high of $0.0028, although some of these gains were later trimmed. At the time of reporting, MEME was trading at $0.002292, still reflecting a substantial 41.91% increase within a single day.

This price surge was accompanied by a significant increase in volume, which skyrocketed by 5742.1%, reaching $1.24 billion—its highest daily volume to date. Open Interest also soared by 263.47% to a new all-time high of $53 million. The simultaneous rise in Open Interest and volume indicates a growing demand for the asset, as traders open new positions for strategic purposes.

According to the analysis, the recent price pump is driven by rising demand and interest in joke-themed tokens. The surge in exchange withdrawals further confirms the increasing demand for MEME. The altcoin’s spot netflow has declined by $1.87 million over three months, suggesting that there are more outflows from exchanges than inflows. This massive negative netflow typically indicates growing accumulating addresses.

Additionally, buy-side pressure has intensified, with buy orders crossing 761 million over the past day. The order books now favor bulls, which often precedes price climbs and reinforces the current momentum. This imbalance suggests that investors are bullish and anticipate further growth in the price charts.

For MEME to sustain these gains, it must successfully breach and flip the $0.0028 resistance, turning it into support. A daily close above $0.0022 will maintain the bullish outlook. However, if holders who have been underwater for the past month turn into profit-taking, the memecoin could retrace to $0.00145.

In summary, Memecoin [MEME] has experienced a significant price surge driven by increased demand and interest in joke-themed tokens. The growing demand is evidenced by the surge in volume, Open Interest, and exchange withdrawals. While the current momentum is bullish, the sustainability of these gains will depend on MEME's ability to breach key resistance levels and maintain support. Investors are advised to monitor these developments closely as the market dynamics continue to evolve.