Memecoin market capitalization has increased by more than 17% in the last 24 hours, significantly outperforming the rest of the cryptocurrency market, which has gained more than 4% over the same period.
According to CoinGecko data, Mimcoin’s current market capitalization is $53.3 billion.
A recent QCP Capital Markets report suggested that the ‘speculative buying frenzy’ that emerged during Monday’s Asian trading session could spur prices higher. “Altcoins, especially memecoins, are now rallying hard as retail FOMO really sets in,” the report said.
QCP Capital analysts noted an increase in leverage buyer activity over the past 24 hours. However, they added that recent lively market movements could fade if Bitcoin breaks its all-time high in dollar terms.
Crypto Rally Driven by ‘Retail Impulse’
The suggestion that retail participants may be driving the recent rise in memecoins is consistent with a JP Morgan note from last week that pointed to increased market activity from this group.
According to JPMorgan analysts, the recent surge in cryptocurrency prices appears to have been fueled by impulsive decisions by individual traders rather than institutional investors or market fundamentals.
“Like stocks, retail demand for cryptocurrencies appears to have rebounded in February, driving a strong rally in crypto markets this month,” JPMorgan analysts led by Nikolaos Panigirtzoglou wrote on Thursday.
Memecoin market capitalization increases
+18.34%
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