Cryptocurrency MEMEFI experienced a dramatic 200% price surge following Binance’s announcement to delist its perpetual contracts, driven primarily by forced short covering in derivative markets. The exchange attributed the delisting decision to dwindling trading interest and reduced market activity around the asset.
Despite the explosive rebound, MEMEFI remains more than 80% below its all-time historical peak, casting skepticism on the sustainability of its gains. Trading volume surged beyond $209 million within 24 hours of the announcement, reflecting the volatile market response typical of such delisting events.
Analysts caution that the movement underscores crypto markets’ unpredictable nature, warning investors about inherent risks. The stark disconnect between short-term volatility and long-term performance metrics continues to raise concerns about MEMEFI’s fundamental stability amid ongoing market turbulence.