In the recent cryptocurrency market trends, ShIB and PEPE have emerged as leaders in the meme coin pump, while Bitcoin has remained stagnant at $29,400 for three consecutive days.
Trading Volume on Binance Futures
On Binance Futures, the trading volumes of LPT (Livepeer) and 1000SHIB have reached $2.25 billion and $975.24 million respectively. These figures have surpassed Ethereum, ranking second and third, falling just behind Bitcoin. Other notable tokens like BLZ, APE, 1000PEPE, SOL, RUNE, and HIGH rank 6th to 10th, followed by DOGE and XRP.
Top Gainers in the Last 24 Hours
BLZ, LPT, and RUNE have been the top 3 gainers, with 36%, 19%, and 16% gains respectively over the last 24 hours. LPT is the native token of Livepeer, a decentralized live video streaming network protocol based on blockchain technology. BLZ represents Bluzelle, a censorship-resistant decentralized storage network, and RUNE is the native token of THORChain, a decentralized cross-chain liquidity protocol based on the Cosmos software development kit.
Open Interest Trends
1000SHIB’s open interest has seen a decrease of -9.16% over the last 24 hours, standing at $100.37 million.
Conversely, LPT’s open interest has surged to $975.24 million, marking a 43.58% increase. Both Top Trader Long/Short Ratio (Accounts) and Long/Short Ratio are on the rise, indicating that the pump has attracted more traders to short positions. The amount of liquidated short is around $300.
Indicators for LPT Price Trend Reversal
Several indicators are crucial for LPT’s price trend reversal, including:
1. Market makers and manipulators taking profits.
2. Short traders stopping loss or being liquidated in large numbers compared to the open interest scale.
3. A plunge in Bitcoin’s price.
As of now, there are no signs of these indicators, leading to the speculation that market makers and manipulators may choose to continue pumping for more profits.
Conclusion
The recent surge in meme coins, led by ShIB and LPT, has caught the attention of traders and market analysts. With Bitcoin’s price remaining static, the focus has shifted to these alternative cryptocurrencies.
Image source: Shutterstock
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- Source: https://Blockchain.News/news/shib-and-lpt-lead-the-surge-of-meme-coins-amidst-stagnant-bitcoin
