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In this article, discover the new VanEck MEMECOIN Index (MEMECOIN), which is tracking the performance of top meme coins like DogWifHat (WIF) and Shiba Inu (SHIB). Dive into the madness behind institutional meme coin adoption here.
VanEck’s MarketVector just threw a grenade into the crypto party—say hello to MEMECOIN, the index tracking this meme coin madness.
This innovative index tracks the performance of the six biggest players in the meme coin arena, including household names like Dogecoin and Shiba Inu, alongside emerging stars such as Pepe and Floki Inu.
Here’s a deeper look into what makes this development a noteworthy buzz in crypto.
never underestimate the power of CT degenerates & the distribution of the internet, $WIF in an official Vaneck index when it was only $100k market cap in December https://t.co/hGbw2hOErq
— Ansem 🐂🀄️ (@blknoiz06) May 8, 2024
VanEck Meme Coin Index: Eth ETF is Dead, So Why Not Memes?
Earlier this year, Matthew Sigel, head of VanEck’s digital assets, said Ethereum ETFs were dead by 2024.
In an interview, he said, “If [Eth ETFs] are approved before the next election in November, I’ll eat my hat.”
So if you can’t bring the world’s best decentralized computer to the masses, why not just mess around with memes?
Known for its broad array of exchange-traded funds (ETFs), the VanEck Index of memes MEMECOIN index encapsulates the essence of viral crypto tokens and is already up an astonishing 195% annually.
This surge dwarfs the gains seen by more traditional crypto measures, with the CoinDesk 20 and Bitcoin witnessing increases of 97% and 123%, respectively, over the same period.
Remarkably, MEMECOIN has outpaced the S&P 500 by over 15 times in 2024, showcasing the potential high-yield return on meme coins. The index itself has climbed over 137% in 2024.
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The Future of the VanEck Index Shows the Profitability of Meme Coins Like WIF and SHIB
Recently 99Bitcoin’s covered the lack of virality in the Cardano community and suggested meme coins as a possible means to boost ADA awareness.
We were flamed harder than a witch at Salem. The ADA community is fine irl, and a bit sort of, maybe, just a little toxic online.
After all, meme coins are a dangerous, risky hold – by no means are man bags, as we often cover the top seven or eight at length here — but they can be extremely profitable.
A diverse array of meme tokens is at the heart of the VanEck Index MEMECOIN. Dogecoin leads with a 30.7% allocation, followed by Shiba Inu at 12.5%, and others like Dogwifhat and Floki Inu make up the rest.
Pepe emerged as the top performer within the index, boasting a 482% YTD increase – outperforming WIF and SHIB.
According to Anndy Lian, a noted blockchain expert, the allure of meme coins lies in their “high risk, high return strategy.”
While meme coins can yield high returns, their reliance on hype and lack of utility poses risks. Consider adding a small portion to your crypto portfolio, or take a bold approach like our analyst Alex from 99Bitcoins – he’s a pro.
EXPLORE: Dogecoin Decoupling From Bitcoin Price? As Market Dips Investors Flock to Dogeverse
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
