$BULLA rose 43.0% in a day, yet the funding rate was only 0.005%—even after a rally like this, hardly anyone in futures seemed eager to pile into leveraged longs
· Open interest up 50.3% in 24h, to $10.54 million
· Open interest/market cap: 26.4%, giving futures a meaningful role
· Long/short trader ratio: 1.1, close to balanced
BULLA is a celebrity meme coin named after Russian internet personality Hasbulla. It turns fan traffic into wallet addresses through tasks and community activities.
With the price up this much and the funding rate still near zero, longs haven’t become crowded enough to pay a premium to hold positions. It looks more like spot and low-leverage capital moved first, with futures positions building afterward. The upside is that funding is less likely to drag traders down; the downside is that open interest is rising faster than the price, so if the rally reverses, newly opened longs could be liquidated first. Funding rates have also flipped between positive and negative over the past few periods, suggesting some traders are using it to hedge and bet on a reversal.
No clear catalyst has been found in the past three days. Only 39.8% of the supply is circulating, with an FDV of around $100 million; 60% of the tokens are still out of circulation. How long this wave of enthusiasm lasts will depend largely on whether buyers keep stepping in.
#BULLA #妖币 #FundingRate
· Open interest up 50.3% in 24h, to $10.54 million
· Open interest/market cap: 26.4%, giving futures a meaningful role
· Long/short trader ratio: 1.1, close to balanced
BULLA is a celebrity meme coin named after Russian internet personality Hasbulla. It turns fan traffic into wallet addresses through tasks and community activities.
With the price up this much and the funding rate still near zero, longs haven’t become crowded enough to pay a premium to hold positions. It looks more like spot and low-leverage capital moved first, with futures positions building afterward. The upside is that funding is less likely to drag traders down; the downside is that open interest is rising faster than the price, so if the rally reverses, newly opened longs could be liquidated first. Funding rates have also flipped between positive and negative over the past few periods, suggesting some traders are using it to hedge and bet on a reversal.
No clear catalyst has been found in the past three days. Only 39.8% of the supply is circulating, with an FDV of around $100 million; 60% of the tokens are still out of circulation. How long this wave of enthusiasm lasts will depend largely on whether buyers keep stepping in.
#BULLA #妖币 #FundingRate