VanEck, a prominent asset management firm, has joined the memecoin frenzy by introducing a new index focused on this highly popular category of tokens.
VanEck, a prominent asset management firm, has joined the memecoin frenzy by introducing a new index focused on this highly popular category of tokens. The index, known as MarketVector's Meme Coin Index and traded under the symbol MEMECOIN, tracks the performance of the top six meme tokens in the market. The largest holdings of this index include well-known meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Other tokens such as dogwifhat (WIF), Floki Inu (FLOKI), and Bonk (BONK) are also part of the index.
MarketVector's MEMECOIN Index has seen a staggering year-on-year increase of over 195%. In comparison, Bitcoin (BTC) has seen a rise of 123%. The memecoin market currently has a total market capitalization of $50.7 billion, according to CoinMarketCap, and MarketVector's index tracks $44.67 billion worth of meme coin value.
As meme coins continue to capture the attention of investors and gain traction in the market, the launch of VanEck's MEMECOIN Index provides a new tool for tracking the performance of these unique digital assets.
Some believe that the memecoin craze will persist due to the lower fees associated with Solana, a blockchain platform that enables users to make small bets with the potential for significant profits. This stands in contrast to the previous bull market that saw high fees on the Ethereum network, especially during the boom in NFT trading.
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