M (MemeCore) fluctuates 21.9% in 24 hours: Network hard fork drives 40% surge followed by slight correction

Volatility Overview

In the past 24 hours, M's price hit a low of $1.8877 and a high of $2.3012, currently trading at $2.1425, resulting in an overall amplitude of 21.9%. Trading volume surged by more than 130% to over $30 million, with the number of trades skyrocketing by 515.3% and open interest increasing by 18.7% to 20.11%, indicating a significant rise in capital activity.

Brief Analysis of Abnormal Movements

• Network Hard Fork Event: MemeCore mainnet underwent a successful hard fork, reducing Gas fees by 100 times (from 1500 gwei down to 15 gwei), significantly enhancing transaction efficiency and directly driving a 33%-40% price increase within 24 hours.

• Leveraged and Whale Inflows: Active leveraged trading and significant whale buying, with trading volume doubling compared to the monthly average, countered the broader market downturn (as most mainstream tokens experienced notable declines).

Market Perspective and Outlook

Market sentiment is generally bullish; the community views the hard fork as the starting point of the “Meme 2.0 super cycle.” Analysts predict a short-term challenge of $2.57-$3 but caution about possible rejection signals at the top, with potential pullbacks to the $2.00-$2.20 support zone, emphasizing the need to monitor the sustainability of trading volume.