Meme Coin Market Cap Exceeds $54 Billion The Cause of the Rise
Meme currencies' market worth is over $54 billion, up 20% in a day. Approximately seven meme currencies currently rank in the top 100 crypto by market capitalization, indicating a substantial change in investor interest in these erstwhile âspeculative assets.â
A new QCP Capital market analysis explains why meme currencies are rising.
QCP Capital attributes meme coin price rise to a âspeculative buying frenzyâ during Asia trading. The corporate analysis reveals that retail FOMO (Fear of Missing Out) drives meme currencies, signaling a major change in market involvement.
QCP Capital analysts saw an uptick in leveraged purchasing activity, suggesting ârobustâ momentum that might slow if Bitcoin breaks its dollar record. The market study said:
As retail FOMO hits, altcoins, particularly memecoins, are soaring. Leveraged purchasers may not sell until we shatter all-time highs, which might happen soon.
Over the last 24 hours, meme currencies including Dogecoin, Shiba Inu, PEPE, and BONK have gained 27%, 57%, 46%, and 68%. These increases show investor interest in meme currencies and the trend of retail investment driving the crypto industry.
Meme currencies like Dogecoin and Shiba Inu have risen to the top 15 worldwide crypto market cap rankings, showing investor interest.
Retail Participation Driving Crypto Rally
Memecoins are part of a bigger trend of retail cryptocurrency engagement. JPMorgan analysts agree with QCP Capital that individual traders drove the bitcoin market rise in February.
The JPMorgan research group, led by Managing Director Nikolaos Panigirtzoglou, found that "small-scale investors," or âmom-and-popâ traders, drove Bitcoin to a two-year high last month.
The retail crypto impulse resurfaced in February, presumably driving this month's robust crypto market surge.
Bitcoin has risen about 30% in the previous week, trading above $66,000 in the past 24 hours. The asset's market worth crosses $1.2 trillion, indicating its rise.
$DOGE $SHIB $BONK
