Up 54%, but the funding rate is still this low—meaning the shorts haven’t been hurt yet.
Today’s MAGMA: at $0.54184, over the past 24 hours it climbed from $0.35021 to $0.57955, with a trading volume of $230 million. Let me put it bluntly—this kind of volume on an otherwise unknown coin means either someone is taking delivery (buying) or someone is offloading (selling). There’s no third possibility.
First, the longs. From the bottom at $0.35 to the top at $0.58—an amplitude of 65% within a single day. For a move like this, the funding rate would only be 0.0627%, annualized at 98.6%. Leveraged longs aren’t crazy at all. If it were a truly organic surge, the funding rate should’ve already pushed above 0.1%. Look at coins that really “explode” upward—funding rates start at 0.2%, 0.3%, because everyone is levering up and chasing. With MAGMA, there isn’t that. The long side’s funding cost is being kept down, which suggests the entrants have spot-market logic—not the mentality of gamblers.
Now look at the shorts. Holding from $0.35 up to $0.54 means an unrealized loss of 54%. If you were in their position, would you close? The key is that the funding rate is only 0.0627%. The shorts’ position cost is extremely low, so there’s no suffocating feeling of being chased by the liquidation line—so whoever is holding the shorts is especially
#MAGMA
Today’s MAGMA: at $0.54184, over the past 24 hours it climbed from $0.35021 to $0.57955, with a trading volume of $230 million. Let me put it bluntly—this kind of volume on an otherwise unknown coin means either someone is taking delivery (buying) or someone is offloading (selling). There’s no third possibility.
First, the longs. From the bottom at $0.35 to the top at $0.58—an amplitude of 65% within a single day. For a move like this, the funding rate would only be 0.0627%, annualized at 98.6%. Leveraged longs aren’t crazy at all. If it were a truly organic surge, the funding rate should’ve already pushed above 0.1%. Look at coins that really “explode” upward—funding rates start at 0.2%, 0.3%, because everyone is levering up and chasing. With MAGMA, there isn’t that. The long side’s funding cost is being kept down, which suggests the entrants have spot-market logic—not the mentality of gamblers.
Now look at the shorts. Holding from $0.35 up to $0.54 means an unrealized loss of 54%. If you were in their position, would you close? The key is that the funding rate is only 0.0627%. The shorts’ position cost is extremely low, so there’s no suffocating feeling of being chased by the liquidation line—so whoever is holding the shorts is especially
#MAGMA