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 ..
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