MemeCore just moved 35% in a day and the chart looks strong at first glance.

M flipped $1.70 and reached around $1.77 while also extending its weekly gain to roughly 43%.

But I would not look at that move alone.

The more interesting part is where the capital is coming from.

Open Interest jumped 44% to around $25.7M while derivatives volume increased 91% to roughly $39M.

That is a serious increase in trader participation.

On one major platform the Long Short ratio reached 1.89 which shows traders were leaning heavily toward longs.

But the broader market ratio was still around 0.90.

So the market has not completely shifted into a bullish position.

Then I looked at spot flows and this is where the setup becomes less comfortable.

M saw around $444K of spot inflows against roughly $415K of outflows. That left netflow at only around $29K.

In other words the spot market is not showing the same strength as derivatives.

Futures flows were even more interesting.

Around $8.89M flowed out compared with $8.34M coming in. That left futures netflow around negative $542K.

This tells me there is already some profit taking happening while leveraged traders continue to build positions.

The RSI around 78 also shows how stretched the move has become.

That does not automatically mean the rally has to reverse. Strong trends can remain overbought for longer than expected.

But it does mean I would want to see fresh spot demand before assuming this is the start of a sustained move.

For me $1.80 is the next important level.

If M breaks it while spot inflows start expanding then $2 becomes a much more interesting target.

But if derivatives keep growing while spot demand stays weak then the structure becomes increasingly dependent on leverage.

And that can change very quickly.

The current rally is real.

The question is whether spot buyers can take control before leveraged traders become the entire story.