Memecoins
VanEck Launches MEMECOIN Index to Track Major Meme Tokens
VanEck Launches MEMECOIN Index to Track Major Meme Tokens
VanEck, a major asset management company, has joined the memecoin frenzy by introducing a new index focused on this very popular category of tokens. The index, known as MarketVector’s Meme Coin Index and trading under the symbol MEMECOIN, tracks the performance of the six major meme tokens on the market. The largest holdings of this index include well-known meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB)AND Pepper (PEPPER). Other tokens like dogwifhat (WIF), Floki Inu (FLOKI)AND Bon (Bonk) they are also part of the index.
MarketVector’s MEMECOIN Index has seen an incredible year-over-year increase of over 195%. In comparison, Bitcoin (BTC) has seen a 123% increase. The memecoin market currently has a total market capitalization of $50.7 billion, second at CoinMarketCap and MarketVector’s index tracks meme coins worth $44.67 billion.
As meme coins continue to capture investor attention and gain traction in the market, the launch of VanEck’s MEMECOIN Index provides a new tool to track the performance of these unique digital assets.
Some believe the memecoin craze will persist due to the lower fees associated with Solana, a blockchain platform that allows users to make small bets with the potential for significant profits. This is in contrast to the previous bull market that saw high fees on the Ethereum network, especially during the NFT trading boom.