- VanEck, a leading issuer of Spot Bitcoin ETF, has launched a new Meme Coin Index, aiming to bring transparency to the meme coin ecosystem.
- Users can now track the price, ATH and ATL of their own meme coins.
- This is one of the products VanEck has developed to deepen its impact in the market.
VanEck, a prominent issuer of Spot Bitcoin ETF, has launched a Meme Coin Index to bring transparency to the meme coin ecosystem, enabling users to track their own meme coins.
VanEck’s New Crypto Move: Meme Coin Index!
According to a screenshot shared by Matthew Sigel, Head of Digital Asset Research at VanEck, the Marketvector Meme Coin Index (MEMECOIN) is a modified market value-weighted index that tracks the performance of the largest meme coins. The graph will only include six of the largest meme coins, and component weights will be limited to 30%. The meme coins entering the index tracker will be reviewed monthly. The metrics that the Meme Coin Index will track include the price of the underlying assets, All-Time High, All-Time Low, and highest/lowest values during specific periods.
Price Performance of WIF and Other Meme Coins
As you may have followed from CoinOtag, just a few days ago, the WIF price saw a 21% increase. However, it later gave back a significant portion of its gains. WIF was trading at $2.88 at the time of writing, with a daily loss of 12.8%. With this upward move, the market value of the meme coin reached $3.35 billion. WIF became the fourth largest meme coin. With this ranking, it is highly likely that Solana-based Dogwifhat will be included in VanEck’s Index.
Conclusion
VanEck aims to overcome this difficulty with the newly introduced Memecoin Index. In the same way, it will show a high level of accountability from crypto exchanges, which will reduce the situation of manipulation. Overall, this is an approach aimed at ensuring market transparency. With such a platform, crypto enthusiasts are likely to make more informed decisions about their investments. This becomes more important at a time when a few meme coins like Dogwifhat are experiencing value increases.
