Meme coins soared past $55 billion in market cap, up 11% as traders doubled down on SHIB, WIF, BONK, and newcomer CORGIAI.
Bitcoin has rebounded above $67,000K amid pre-FOMC volatility and investor confidence in buying the dip, despite macroeconomic concerns.
Meme coins surge, driving the sector's market cap over $55 billion
Bitcoin (BTC) changed hands at around $67,800 during Monday's Asian trading hours, as pre-Federal Open Market Committee (FOMC) volatility worked its way through the crypto market, moving major digital assets and pushing up meme coins.
"The weekend was filled with both fear and greed as BTC was driven down to $64,500 lows," Singapore-based QCP Capital wrote in a note on Telegram. "BTC has since bounced back above $67,000, and we've seen heavy BTC put selling, which suggests that ‘fear’ has dissipated in BTC, and investors are happy to buy the dip."
FOMC risk is also spooking BTC investors, bringing back macroeconomic concern to an asset class buoyed over the last month by optimism over the approval of bitcoin exchange-traded funds (ETFs). Recent U.S. economic data indicated persistent inflation, leading to higher interest rates and a stronger dollar, which fares poorly for risk assets.