Strangely enough, $POPCAT has jumped into the contract gain leaderboard today, but I don't feel like it's that 'hot'.
Because the coins that really get everyone hyped have already flooded the discussion boards.
This time, it feels more like the contract side whipped up the excitement themselves.
I just got out of the shower and took a look; Dou Dou is chilling next to the keyboard even more calmly than I am, while I'm staring at this data feeling a bit tense. 😅
The 24h contract volume for $POPCAT is 22.83M USDT, which isn't small.
But what concerns me more is that the funding rate is only +0.0050%, which isn't outlandishly hot.
That's quite subtle.
It shows that although it's up over 20%, there is bullish sentiment, but it hasn't reached an exaggerated level yet.
It's not one of those charts where you look and see nothing but emotional tax.
Looking at the open interest, there are still 65,816,970 POPCAT hanging around.
My feeling is that the funds aren't just rushing in and out; there are still folks willing to stay in the game for the long haul.
This is one of the reasons it made it onto the leaderboard today.
But therein lies the problem.
If it’s just about price going up, rates skyrocketing, and open interest dropping, then it feels more like a brief frenzy.
Right now, prices are up, rates haven't exploded, and open interest hasn't collapsed, indicating that this wave feels more like funds are trying to sustain the hype.
Another point, I’d categorize it as 'spot not that strong, contracts heating up first'.
This kind of structure looks exhausting.
Because if the spot doesn't catch the sentiment, and contracts heat up on their own, it can easily lead to erratic swings later.
So I don't think this is a place for mindless chasing.
I'm leaning towards a wait-and-see approach.
If I were to trade, I would only wait for it to give a more comfortable entry point; I don't want to rush in during this stage where it's already ignited but not completely out of control.
These kinds of coins often make you feel like 'it seems like it’s not over yet', and they easily lure in those who are on the fence.
I might be wrong in my judgment about $POPCAT #POPCAT.
Because the coins that really get everyone hyped have already flooded the discussion boards.
This time, it feels more like the contract side whipped up the excitement themselves.
I just got out of the shower and took a look; Dou Dou is chilling next to the keyboard even more calmly than I am, while I'm staring at this data feeling a bit tense. 😅
The 24h contract volume for $POPCAT is 22.83M USDT, which isn't small.
But what concerns me more is that the funding rate is only +0.0050%, which isn't outlandishly hot.
That's quite subtle.
It shows that although it's up over 20%, there is bullish sentiment, but it hasn't reached an exaggerated level yet.
It's not one of those charts where you look and see nothing but emotional tax.
Looking at the open interest, there are still 65,816,970 POPCAT hanging around.
My feeling is that the funds aren't just rushing in and out; there are still folks willing to stay in the game for the long haul.
This is one of the reasons it made it onto the leaderboard today.
But therein lies the problem.
If it’s just about price going up, rates skyrocketing, and open interest dropping, then it feels more like a brief frenzy.
Right now, prices are up, rates haven't exploded, and open interest hasn't collapsed, indicating that this wave feels more like funds are trying to sustain the hype.
Another point, I’d categorize it as 'spot not that strong, contracts heating up first'.
This kind of structure looks exhausting.
Because if the spot doesn't catch the sentiment, and contracts heat up on their own, it can easily lead to erratic swings later.
So I don't think this is a place for mindless chasing.
I'm leaning towards a wait-and-see approach.
If I were to trade, I would only wait for it to give a more comfortable entry point; I don't want to rush in during this stage where it's already ignited but not completely out of control.
These kinds of coins often make you feel like 'it seems like it’s not over yet', and they easily lure in those who are on the fence.
I might be wrong in my judgment about $POPCAT #POPCAT.