Today FOLKS played a roller coaster: within 24 hours it surged from $2.15 to $3.26, once reaching a peak rise of 52%. Now it’s down to 9%, effectively giving back most of the gains.
At the current price on Binance is $2.395. Over the past 24 hours, the high was $3.262 and the low was $2.154. After dropping 27% from the peak, the people who chased the price are basically underwater right now.
The price slid down from its high, but the funding rate didn’t drop: on Binance, FOLKS longs’ funding rate is still as high as 72% annualized, and on Bybit it’s also 59%. A batch of people aren’t willing to give up and are clenching their teeth, holding oversized long positions with high leverage to bet on a rebound.
$FOLKS
Do you think this chase-up money can wait for a rebound?
Check in real time: https://www.coinboss.com/funding-rate