市值
24小时
6566
Cryptocurrencies
51.43%
Bitcoin 分享

Meme Coins Market Cap Soar To Over $54 Billion – Here’s What Is Driving The Surge

Meme Coins Market Cap Soar To Over $54 Billion – Here’s What Is Driving The Surge


NewsBTC
2024-03-05 01:00:14

The meme coins market cap is currently hovering above $54 billion up by nearly 20% ion the past day. This surge is evident as roughly seven meme coins now rank among the top 100 crypto by market capitalization, marking a significant shift in investor interest towards these once ‘speculative assets.’ A recent market report from QCP Capital has shed light on this phenomenon, disclosing what drives this meme coins surge. Related Reading: CryptoQuant’s Bitcoin “Bull-Bear” Indicator Flags Price As Overheated What Is Driving The Meme Coins Surge According to QCP Capital, the price appreciation in meme coins can be attributed to a “speculative buying frenzy” during the Asia trading session. Particularly, the firm report suggests that the rallying meme coins is driven by retail FOMO (Fear of Missing Out), indicating a significant shift in the dynamics of market participation. The analysts from QCP Capital also observed an increase in leveraged buying activity, hinting at the “robust” momentum that could potentially pause should Bitcoin surpass its all-time high in dollar terms. The market report read: Altcoins, especially memecoins, are rallying hard as retail FOMO really kicks in now. Leveraged buyers will likely not relent until we break all-time highs, which could be any time now. So far, major meme coins such as Dogecoin, Shiba Inu, PEPE, and BONK have registered. massive gains, with increases of 27%, 57%, 46%, and 68% respectively over the last 24 hours. These gains reflect the growing investor interest in meme coins and underscore the broader trend of retail investment driving the crypto market. Dogecoin and Shiba Inu, in particular, have solidified their positions within the top 15 global crypto market cap rankings, demonstrating the significant traction meme coins have gained among investors. Retail Participation Fuelling The Crypto Rally The surge in memecoins is part of a larger trend of increased retail participation in the cryptocurrency market. Analysts from JPMorgan have echoed the observations made by QCP Capital, noting that retail traders have played a crucial role in the cryptocurrency market rally observed throughout February. Related Reading: Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says The study carried out by the research group at JPMorgan, under the guidance of Managing Director Nikolaos Panigirtzoglou, highlighted the significant role of “small-scale investors,” commonly known as ‘mom-and-pop’ traders, in driving prominent cryptocurrencies like Bitcoin to a two-year high last month. The researchers noted: We find that the retail impulse into crypto rebounded in February, thus likely responsible for this month’s strong crypto market rally. Meanwhile, over the past 24 hours, Bitcoin has reached new heights, trading above $66,000, marking a nearly 30% increase over the past week. This upward trajectory is also evident in the asset’s market cap, which currently exceeds $1.2 trillion. Featured image from Unsplash, Chart from TradingView


阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约