Analysis: PLAY surged 300% in 1 hour driven by contract buy orders.

Odaily News According to on-chain analyst Ai Yi’s monitoring, PLAY surged 300% in 1 hour, with a peak funding rate of 0.2917%, indicating that bullish traders’ aggressive buying prompted arbitrage funds to buy Spot. This was driven by contract buy orders without intense Bull vs Bear Battle. Bullish traders cannot compel bearish traders to capitulate and pay profits through high funding rates. Ultimately, PLAY’s returns will turn into a ‘kill the bulls’ mode for those who exit first. Moreover, PLAY is fundamentally different from $MEMEFI, as MEMEFI may manage to automatically deliver by the 11th, whereas PLAY does not have such an opportunity. Instead, the bullish traders may not be able to hold under the high funding rate influence. MYX’s successful pump marketing attracted a large number of retail investors chasing the tokens on the rise list, but most tokens do not actually have the foundation of ‘long-term funding rates controlled at -2%’. It’s just a wave effect of speculators, so chasing the price should be done with caution.