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Memecoins market cap tops $67B as retail FOMO 'really' kicks in

Monday, March 04, 2024 09:30 PM | Invezz via QuoteMedia

Memecoins market cap tops $67B as retail FOMO ‘really’ kicks in

2024-03-04 21:30:45 ET

Happy Couple in Supermarket

The market capitalization of all memecoins surged over 46% within the previous day to press time levels of $66.97 billion. Innovative company QCP Capital mentioned that retail Fear of Missing Out (FOMO) catalyzed the significant recoveries in themed cryptocurrencies.

Retails drive memecoin market resurgence

Meme digital coins have seen significant revivals lately, indicating a notable change in investor curiosity in these speculative tokens. QCP Capital commented on this trend, stating that speculative buying catalyzed price increments in meme tokens.

The analysts detailed that the phenomenon highlights a substantial change in market participation, with fear of missing out pushing meme tokens to record highs.

“Altcoins, especially memecoins, are rallying hard as retail FOMO really kicks in now.”

Further, the analysts noted an uptick in leveraged buying, suggesting a massive momentum that will prevail until we hit all-time peaks, “which could be any time now.”

Meanwhile, top meme tokens, including Dogecoin, PepeCoin, and Shiba Inu have recorded significant surges, up 30%, 35%, and 90% in the past day, respectively.

The enormous gains indicate the soaring investor attention in themed digital coins while reflecting the broader trend of retail participation propelling the crypto market.

Dogecoin and SHIB have cemented their positions in the top ten cryptocurrencies by market cap, ranking 8th and 10th, confirming amplified adhesion toward the cohort.

Meanwhile, analysts trusts the retail participation trend will continue throughout 2024, highlighting robust potential gains for meme tokens and the crypto market in the upcoming sessions.

Bitcoin staring at ATHs

Meanwhile, memecoins recovery comes as Bitcoin nears its record highs following significant price surges. The bellwether crypto traded at $68,542.99 at press time, up 25% within the previous seven days.

BTC 7D Chart on Coinmarketcap

Bitcoin’s market cap, currently above $1.346 trillion, highlights robust momentum behind the ongoing crypto market rally.

The post Memecoins market cap tops $67B as retail FOMO ‘really’ kicks in appeared first on Invezz

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