Memecoins 'rallying hard' as retail-based market participation increases: QCP Capital
Memecoins are ‘rallying hard’ as retail-based market activity increases, analysts said.There are now seven memecoins in the top 100 cryptocurrencies by market capitalization.
According to CoinGecko data , the market cap of memecoins currently stands at $53.3 billion.
Crypto rally driven by 'retail impulse'
Suggestions that retail participants may be driving the recent memecoin uptick corresponds with a JP Morgan note from last week that pointed to increased market activity from this cohort.
According to JPMorgan analysts, the recent surge in crypto prices appears to be fueled by individual traders making impulsive decisions rather than being driven by institutional investors or market fundamentals.
"Similar to equities, we find that the retail impulse into crypto rebounded in February, thus likely responsible for this month's strong crypto market rally," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.
Memecoin market cap increases
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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