🚨 PLAY Spikes 300% in 1 Hour — But It's All Perps-Driven

On-chain analyst @aiyebaby reports that $PLAY surged +300% within 1 hour, primarily driven by aggressive perp buy orders, not strong long-vs-short battles.

📊 Peak funding rate hit 0.2917%, suggesting longs were heavily buying, forcing arbs to buy spot. But without shorts capitulating, this could become a typical "longs killing longs" exit game — early buyers win, latecomers get burned.

Unlike $MEMEFI (which may hold until its Aug 11 auto-settlement), $PLAY lacks such structure — high funding may crush longs before that.

⚠️ The $MYX pump playbook is pulling retail into top gainer chases — but few of these tokens have the -2% funding rate control that MYX did. Beware the hype.

#PLAY CryptoTrading #Perps FundingRate #Memecoins DeFi #OnChainAnalysis Altcoins