After work, I was checking the charts on the subway and almost missed my stop. $SPK is making the leaderboard today, and I don't think it's just a simple emotional surge.
Currently, the spot price is at $0.0213, up 10.37% in the last 24 hours, ranging from $0.018815 to $0.021454.
This kind of volatility isn't small, but what I care about more isn't just the percentage increase, it's the back-and-forth trading; it's not a one-way pump followed by a flat line.
The spot trading volume is $3.68M, while the futures volume is $8.53M, with a futures/spot ratio of 2.3.
To be honest, this indicates that the people watching it aren't just spot traders anymore; a lot are using leverage to amplify their emotions.
However, it's not at that crazy out-of-control level yet.
The funding rate is still at -0.0012%, and the open interest is 190,623,987 SPK. This combo looks more like a divergence expanding rather than a unanimous bullish sentiment.
My understanding is that $SPK making the leaderboard today feels more like 'there's hype + people willing to gamble further', rather than a solid trend confirmation.
If it were really strong, the funding rate usually wouldn't be stuck at such a shallow negative value; yet, it can maintain its gains, indicating that shorts aren't having it easy either, and no one has a definitive edge.
When I checked again while feeding my dog at dawn, I thought about this coin and decided to stay on the sidelines, not wanting to chase highs.
If I were to trade it, I would only wait for a pullback to see if there's support, not wanting to get caught up in the emotions at the peak of the leaderboard.
This post is just my personal thoughts, not advice. $SPK #SPK