Memecoins
Exclusive: 36.8% of Investors Now Have Memecoin Investments!
- Q1 and Q2 Performances Drive Why Investors Are Investing More in Memecoins – Survey
- PEPE, WIF and BONK prices may reach new highs, but respondents expect BTC to do the same
After speaking to 557 respondents from different parts of the world, AMBCrypto’s exclusive survey revealed that 53.7% of traders, investors and analysts would prefer memecoins Bitcoin [BTC]. Yet, a significant number believe it Bitcoin will reach the $100,000 level before the end of 2024. The result of this study may not come as a surprise to traders active in the market, and the reasons are obvious.
Are memecoins the hedge of this cycle?
First, the price of Bitcoin increased by 53.32% year-on-year (YTD). However, this is nothing compared to the performance of memecoins, especially those based on Solana’s [SOL] blockchain.
For example, Dogwifhat’s [WIF] the value has increased by a staggering 1,768% this year, while Good [BONK] recorded an increase of 123%. Another noteworthy memecoin was PEPPER. Despite That of Ethereum [ETH] late behavior, this memecoin recorded gains of 945%.
However, the interviewees did not say this just out of desire. Instead, AMBCrypto’s survey found that they are putting their money where their mouth is. Specifically, 36.8% of all respondents allocated part of their portfolio to memecoins.
Another 25.5% did so for AI-themed tokens, with the DeFi and GameFi sectors finding a place in the holdings of 25.5% and 15.4% of all respondents. This, despite the second quarter (Q1) of the year starting at a slower pace than the first quarter.
At the start of the second quarter, memecoins lost much of their first quarter gains. However, the rally in GameStop (GME) shares has put prices back on the uptrend. This was one of the reasons PEPE seemed to do this overcome it is an all-time high almost every week.
Source: TradingView
Bitcoin is still in the conversation
Regardless of the bullish belief around memecoins, 65.5% of respondents owned Bitcoin – a sign that the coin remains a great bet, despite the churning narrative.
Furthermore, The AMBCrypto report also revealed that most believe BTC could rise 80% by December 2024. If that happens, Bitcoin’s price could be worth $121,953 by the end of the year.
But where do memecoins end up? In addition to the report, AMBCrypto looked at the number of holders and sentiment around some of these frog and dog themed tokens.
Second data from Santiment, the number of PEPE holders in February was less than 160,000. At the time of writing this article, however, the number had risen to 238,000.
Source: Santimento
A nearly 50% increase in less than three months could be proof that the memecoin supercycle may not stop anytime soon. If this is the case, other altcoins with real-world utility may be starved for liquidity.
Finally, The AMBCrypto report found that the emergence of SocialFi is something to pay attention to. For example, platforms like Friend.tech and Fantasy.Top have amassed millions of dollars in trading volume.
Realistic or not, that’s it The market capitalization of PEPE in terms of BTC
Despite the notable increase in money flows, memecoins may continue to attract more market participants than any other sector of the market. However, this does not imply that ETH will continue to slow down or that BTC will fail to reach $100,000.