Bitcoin is struggling to reclaim the $70,000 mark, while Ethereum has seen modest declines, leaving the largest cryptocurrencies largely flat. In contrast, memecoins and AI-linked tokens are driving gains, reflecting increased speculative interest despite persistent “extreme fear” in market sentiment. The Memecoin Index rose 1.5% over 24 hours, with PIPPIN climbing nearly 46%, outperforming traditional large-cap cryptocurrencies.
AI-Linked Tokens Show Strength
Tokens associated with artificial intelligence have also performed well. WLD, co-founded by OpenAI CEO Sam Altman, rose more than 3%, while Virtuals’ VIRTUAL token increased 2.4%. These gains coincide with growing interest in “agentic AI” applications, where AI tools execute tasks autonomously.
Market and Derivatives Trends
Futures data indicate deep deleveraging, with Bitcoin funding rates on Binance and Bybit turning sharply negative, signaling high short-seller dominance. BTC options suggest stabilizing long-term volatility, though near-term protective demand remains elevated. Recent liquidations totaled $290 million, split between longs and shorts.
On the decentralized trading front, Merkle Trade, a perpetual futures DEX on the Aptos blockchain, is closing after less than two years. Its native token, MKL, gained 9% in 24 hours but remains down 77% over the past year. The exchange processed $30 billion in volume since 2023 but cited only “careful consideration” for the closure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.