Most cryptocurrencies are in the green, with tokens like Ethena's ENA and dogecoin (DOGE) looking to better their already impressive double-digit 24-hour price gains.

The CoinDesk 20 Index (CD20), a measure of the broad market, is 2% higher with 16 members advancing.

Still, Alex Kuptsikevich, the chief market analyst at the FxPro, remains cautious.

"The crypto market capitalisation remains below its 50-day moving average, indicating the prevalence of bears in the market. This is a very worrying indicator of underlying risk appetite in financial markets,"

He added that while expected Fed interest-rate cuts are helping stocks stay bid, the weakness of the economy is "still negative for retail customers, the driving force behind prices."

Derivatives Positioning

By Omkar Godbole

• DOGE, SUI and HYPE have seen double-digit gains in futures open interest over the last 24 hours, significantly outpacing other top cryptocurrencies.
• Dogecoin OI surged to 16.88 billion DOGE, the highest since July 31, validating the 7.5% surge in the cryptocurrency's price. The token has broken out of a descending trendline characterizing the pattern of lower highs since mid-July.
• BTC's OI in USDT and USD-denominated perpetuals on major exchanges continues to hover in the recent range of 270K-290K BTC. An increase above 290K may be a harbinger of renewed price volatility.
• On the CME, BTC's standard futures OI remains at April lows while the ETH futures OI has pulled back to 1.87 million ETH from the record high of 2.2 million ETH, indicating capital outflows.
• On Deribit, XRP and SOL calls trade at a premium to puts across all tenors, indicating a bullish bias. Meanwhile, BTC and ETH options signal lingering downside concerns.

Token Talk

By Oliver Knight

• Memecoins are showing fresh signs of life after months in the doldrums, with several popular tokens posting gains on Monday. The rally comes despite lingering skepticism following a string of celebrity-linked launches that flamed out earlier this year.
• Bonk (BONK), a Solana-based, dog-themed token, led the charge with a nearly 7% daily gain. Dogecoin (DOGE), the original memecoin, also climbed more than 7%, reaching $0.2335, while newer entrants like spx6900 (SPX) and pump.fun (PUMP) each outperformed the wider altcoin market.
• The CoinDesk Meme Index (CDMEME) has gained 2.20% in the past 24 hours, outpacing the broad market CoinDesk 20 Index measure, which added 1.27%.
• Other speculative assets, including the irreverently named fartcoin (FARTCOIN), also found buyers, adding to the sense of momentum across the sector. The rally suggests renewed appetite among retail traders for high-risk, high-reward bets after weeks of sideways action in the broader crypto market.
• The rally marks a sharp turnaround for the sector, which has been depressed for months. A series of celebrity-driven launches, including TRUMP and MELANIA coins, drew headlines in recent months but quickly collapsed under the weight of poor liquidity, questionable tokenomics, and investor fatigue.
• Layer-1 blockchain MemeCore (M), which is designed to cater to the memecoin sector, ignited the fuse last week, climbing 164% over a seven day period.
• The wider crypto market cap is up 0.57% to $3.84 trillion as majors bitcoin (BTC) and ether (ETH) began to lift themselves away from a critical level of support, suggesting renewed strength for the altcoin and memecoin markets as a result.

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