Bomb surged by 20%, while Bitcoin dropped by 6% — Why?

Iti9

Over the past few days, stable demand in the spot market has demonstrated the strength of buyers.

The Memory Book (BOME) has surged by nearly 20% in the past, while Bitcoin (BTC) has declined by 6.55%. Trading volume for this meme coin has approached the average levels of last week.

This has raised some doubts about whether this breakthrough will continue. However, amidst significant selling pressure in most markets, its bullish performance is encouraging.
Local short-term resistance has turned into support.
Based on a rebound from $0.00725 to $0.028, a set of Fibonacci retracement levels has been plotted. It shows that the 61.8% retracement level at $0.0151 has been a short-term resistance level over the past ten days.

In the last few days, the RSI has climbed above the neutral 50 mark, reinforcing the idea of short-term strength.

On the contrary, the OBV is significantly lower than recent highs, marked in orange. While the price has risen above the 61.8% level, the OBV has failed to surpass its previous highs.

This is evidence of a lack of sustained buying pressure, which may hinder the bull market's development in the coming days.

Funding rates are starting to decline.
The open interest (OI) behind BOME's unfilled contracts has not significantly increased in the past five days, despite a stable short-term uptrend in prices. This suggests that speculators lack confidence.
Meanwhile, based on the rising spot CVD, demand in the spot market is consistent.
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In the past few days, funding rates have started to slow down with the emergence of OI.

Together, they indicate that futures traders are unwilling to go long on BOME given market conditions, despite its recent bullish performance. According to the official introduction, Core Chain is a Layer1 public chain driven by Bitcoin and compatible with EVM, aiming to complement Bitcoin while serving as a highly scalable smart contract platform. The ecosystem currently covers multiple tracks such as wallets, DEX, oracles, cross-chain bridges, NFTs, and Gaming. According to the block explorer, as of April 2, Core has achieved over 230 million on-chain transaction volume and over 15.63 million wallet addresses.

Core Chain is operated by the decentralized organization Core DAO, with over 50 contributors from Binance, Coinbase, Huobi, BNB Chain, Moonpay, Blockchain.com, and more. For example, Rich Rines, a core contributor, is the founder of the intelligent allocator AutoReach and previously served as engineering lead at Coinbase's Funds team, processing over $1 trillion in funds.

Before that, Core was the "originator" of mobile mining, launching a free mining mobile client that allowed players to participate in mining through registration processes such as face recognition and KYC, and introduced single-player, team-based, or project contribution methods to increase user participation. This gameplay is similar to many current staking projects, which also allowed Core to quickly gain tens of millions of downloads. Until December 2022, Core officially announced the cessation of mobile mining.

In January 2023, Core announced the launch of the mainnet and subsequently launched an airdrop, with claimed instances reaching as high as 4.1 billion times. Under the frenzy of the airdrop, Core landed on multiple mainstream exchanges such as OKX, Huobi, and Bybit in succession. According to CoinGecko's price trend, CORE hit its all-time high in February 2023, indicating its market heat. However, it continued to decline until the past half month when CORE suddenly started a strong uptrend, nearly sextupling at its peak.

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Jiger955

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