Among them, ENA (EnaCoin) and DOGE (Dogecoin) performed particularly well, with intraday increases of 15.3% and 12.7% respectively, maintaining double-digit growth for two consecutive trading days, becoming one of the main driving forces in the current market.
The CoinDesk 20 Index, which reflects the trend of the overall market (covering the top 20 mainstream cryptocurrencies by market capitalization), rose by 2.03% today, reaching 7,852 points, indicating a slight recovery in overall market sentiment. However, FxPro senior market analyst Alex Kuptsikevich reminds us that the current total market capitalization of cryptocurrencies is approximately $1.78 trillion, still below the 50-day moving average (about $1.82 trillion), a technical signal that usually indicates a cautious short-term market sentiment that has not yet escaped the pressure from the previous correction.
In the derivatives market, the activity of funds has significantly increased. The daily surge in open contracts for futures of DOGE, SUI, and HYPE has exceeded 10%, with DOGE's open contracts surpassing 1.2 billion USD, reaching the highest level since mid-July, reflecting a notable resurgence of speculative interest in MEME coins — this is related to the recent increase in discussions about DOGE on social media and some KOLs mentioning it again.
In contrast, the open contracts for BTC futures remain stable at around 18 billion USD, indicating that large funds are taking a wait-and-see attitude towards short-term fluctuations of leading coins; at the same time, there has been an outflow of about 200 million USD in BTC futures at CME (Chicago Mercantile Exchange), a phenomenon that is usually associated with institutional investors taking short-term profits or a rise in risk aversion, further confirming the market's concern about the risks of high-level corrections.
In the subdivided sectors, MEME coins have become the main force in the rebound. MEME coins represented by BONK and DOGE are performing strongly, pushing the CoinDesk MEME Index (CDMEME) up 2.20% on the day, significantly outperforming the broader market's increase of 1.27%. Analysts believe that this phenomenon is related to a marginal increase in market risk appetite — as the volatility of mainstream coins narrows, funds are more inclined to flow into the more elastic MEME sector to seek short-term profits, while the cyclical warming of community enthusiasm provides emotional support for it.
Overall, the current market is in a state of 'local activity, overall caution'. Whether the short-term rebound can continue still needs to be observed regarding whether mainstream coins can stabilize at key moving averages and whether institutional funds can flow back in.
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