Data: PLAY surged 300% within an hour, with low funding rates indicating a bullish dominance in the rise

ChainCatcher news, according to @ai_9684xtpa's analysis, the PLAY token has surged 300% in the past hour. Unlike the short-term market fluctuations of MYX, the funding rate for PLAY when it peaked was only 0.2917%, indicating that this increase was mainly driven by strong buying from bulls, with arbitrage funds also synchronously buying spot.

This trend is driven by active buy orders in the futures market and has not formed intense long-short battles. Bulls cannot rely on high funding rates to force shorts to close positions, thus the overall market structure leans towards unilateral buying pressure.