Memecoins
Vaneck Introduces Meme Coin Tracking with “MEMECOIN” Index | CryptoTvplus
Vaneck yes launched its first meme coin index to track crypto meme coin market indices. At the forefront of the MEMECOIN index are Dogecoin (DOGE) and Shiba Inu (SHIB). Others featured on the website are DOGE, SHIB, PEPE, WIF, FLOKI and BONK.
The MEMECOIN Index, now available through MarketVector Indexes, a subsidiary specializing in digital assets and various other sectors, aims to track the performance of the six major meme coins that are currently making waves in the cryptocurrency market.
MarketVector Indexes is a global index provider that develops, tracks and markets the MarketVector Indexes, which are a selection of investable, pure-play benchmark indices. The company is owned by VanEck, a leading investment management firm, through MarketVector Indexes, an affiliate of VanEck.
MarketVector Indexes offers a wide range of indices across various asset classes, including digital assets, emerging markets, commodities, bonds and sectors. They are known for their expertise in hard asset-linked stock indices and pioneering work in digital asset indexing.
The meme coin phenomenon dates back to the launch of Dogecoin in 2013, emerging as a playful nod to internet culture. Despite initial skepticism, meme coins like Dogecoin and Shiba Inu have gained traction, fusing humor with blockchain technology to promote community-driven finance.
Their rise has turned them into major players in the cryptocurrency world, with a significant market capitalization exceeding $52 billion. Today, thousands of meme coins populate the cryptocurrency market, symbolizing the fusion between Internet culture and decentralized finance.
Furthermore, data from Coinmarketcap shows that the market capitalization of the meme coin ecosystem, consisting of over a thousand memes, exceeds $50 billion. Every day more and more projects are launched which show a high demand for meme coins from users.
However, it is unclear how this fully fits into the mainstream market, as meme coin prices are known to be among the most volatile in the cryptocurrency industry.
Matthew Sigel, Vaneck’s lead researcher in digital assets, took to social media platform X to comment on the company’s venture into the meme coin space.
“These coins are intended for entertainment purposes,” Sigel noted,
Sigel recognizes the speculative nature of meme coins and their appeal to a broad audience seeking both entertainment and potential financial gain.
This is not the first institutional player to pay attention to memecoins. The Avalanche Foundation, for example, was born invest in meme coins built on the Avalanche chain.
Dogecoin has been accepted as a means of payment by major retailers such as Newegg, Twitch, Keys4Coins, GameStop, AMC Theatres, airBaltic and Tesla in the past.
Shiba Inu has also gained traction as a payment option at some companies such as Gucci, Twitch, David SW, HOSTKEY, APMEX and the National Hockey League team.
The meme coin has insured institutional funding to build TREAT, a new layer 3 blockchain with a focus on privacy on top of its layer two Shibarium. In addition to Shiba Inu, DWF Labs also took a $10 million position in Floki