VanEck subsidiary MarketVector has started an index based on the performance of the top six meme coins. The MarketVector’s Meme Coin Index, which trades under the symbol MEMECOIN, is up 195% on a yearly basis. For comparison, the CD20 is up 97% during the same period. MEMECOIN tracks Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki Inu and BONK, which account for nearly $47 billion of the total meme coin market cap of $51 billion, according to CoinGecko. While they unashamedly represent the lighter side of the cryptocurrency market, some commentators believe that meme coins could continue to show impressive returns due to low fees on Solana allowing traders to make small bets for potentially large profits.
ABOUT AUTHOR
- AI Tokens Lead Crypto Rebound Amid Strong US Economy
- US Election Betting: Regulated Presidential Markets Are Still Alive, and Small Compared to Polymarkets
- HBO Joins the Search for Satoshi Bitcoin. Previous Efforts Have Not Been Successful.
- Reasons Congress Focuses on Decentralized AI
- Bitcoin ETFs May Increase Bitcoin Prices in Q4
- Crypto Spot ETF Asks Bitwise to Rethink Its Fund List
- Crypto Exchange Coinbase (COIN) to Remove Unauthorized Stablecoins in the EU in December
