The meme coin market is currently in a bubble phase, according to a recent analysis by Singapore-based crypto trading firm QCP Capital. The firm noted that the "meme sector has been rallying on increasing on-chain and off-chain activities in the crypto space." However, it also warned that "the funding rates on Deribit BTC options and Binance's perpetual futures have been increasing during the past two weeks, which shows that the shorts are decreasing (or longs are increasing)." This indicates that the market is overheated and a correction could be on the horizon. Traders have been heavily leveraging the latest "hippo" and "cat" narratives, which has contributed to the bubble. QCP Capital believes that "there might be a chance for a correction after squeezing out more from the meme market bubble, while the market sentiment is still bullish." Investors should be aware of the risks involved in investing in meme coins, especially during a bubble phase. It is important to do your own research and invest only what you can afford to lose.