Analysis: PLAY Surges 300% in One Hour as Aggressive Bullish Buying Spurs Arbitrageurs to Purchase Spot
According to Foresight News and analysis by @ai_9684xtpa, the PLAY token surged 300% within one hour. However, unlike MYX, its funding rate at the peak was 0.2917%, indicating that aggressive buying by bulls prompted arbitrage funds to purchase spot tokens. This price increase was driven by contract buy orders, without intense long-short battles. The bulls were unable to force the bears to capitulate and pay profits through high funding fees.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Fed Minutes Lean Hawkish as Powell’s Speech Set to Reveal Rate Cut Outlook
Fed Mouthpiece: July Meeting Shows Overall Hawkish Sentiment, More Officials Open to September Rate Cut
Analysis: A Few Officials Hint They May Join the Rate-Cut Camp in September
Fed Meeting Minutes Show Broad Support for Decision to Hold Rates Steady
