Memecoins ‘rallying hard’ as retail-based market participation increases: QCP Capital | Headlines | News | CoinMarketCap
03/04/2024 21:16
The memecoin market cap has increased by over 17% in the past 24 hours, significantly outperforming the rest of the cryptocurrency market, which …
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Published on March 04, 2024 14:05 GMT+00:00edited on March 04, 2024 14:09 GMT+00:00
The memecoin market cap has increased by over 17% in the past 24 hours, significantly outperforming the rest of the cryptocurrency market, which posted an uptick of over 4% during the same period.
According to CoinGecko data, the market cap of memecoins currently stands at $53.3 billion.
A recent QCP Capital market report suggested that a "speculative buying frenzy" occurring in the Asia trading session on Monday could be driving price appreciation. "Altcoins, especially memecoins, are rallying hard as retail FOMO really kicks in now," the report said.
QCP Capital analysts pointed to an uptick in activity of leveraged buyers over the past 24 hours. However, they added that the recent buoyant market action could possibly dissipate if bitcoin breaks …