Dogecoin (DOGE) and Shiba Inu (SHIB) Lead New Meme Coin Index by VanEck’s MarketVector: A Game-Changer in Crypto World

• VanEck’s MarketVector has launched MEMECOIN, a new index tracking the performance of top meme coins, boasting a 137.96% YTD return.
• The index uses a capped market cap-weighted approach to balance risk, with Dogecoin and Shiba Inu taking the lead.
• Despite the impressive performance, VanEck stresses the speculative nature of meme coins and advises they should be used for amusement rather than investment.

VanEck’s MarketVector introduces MEMECOIN, a new index tracking the performance of top meme coins, with a 137.96% YTD return. Despite the impressive performance, the firm stresses the speculative nature of these assets.

MEMECOIN: A New Index for Meme Coins

MarketVector, a subsidiary of VanEck, has introduced the Meme Coin Index (MEMECOIN). This index tracks the performance of six major meme coins, including Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki Inu, and BONK. According to a post by Wu Blockchain, this index has returned an impressive 137.96% year-to-date, making it the best-performing index on MarketVector.

MEMECOIN’s Market Cap-Weighted Approach

The MEMECOIN index is a market capitalization-weighted index, with weights restricted at 30% for each coin. This method aims to diversify risks within the index. Dogecoin and Shiba Inu are dominating the index, with weightings of 30.64% and 28.01%, respectively. Coins like BONK (6.21%), Pepe (14.18%), dogwifhat (13.29%), and Floki Inu (7.17%) are also included in the index.

VanEck’s Disclaimer on Meme Coins

VanEck has released a disclaimer, highlighting that meme coins are meant for fun reasons, notwithstanding the index’s success. This draws attention to how speculative and unstable these assets are and advises investors to do their research.

Current Performance of Meme Coins

The most recent update shows that Dogecoin’s 24-hour trading volume is $1.134 billion, its market worth is $21.263 billion, and its current price is $0.47442. Shiba Inu has a market value of $13.479 billion, with a current price of $0.000023 and a 24-hour trading volume of $397,857,784. Pepe is trading at $0.000008 with a market value of $3.521 billion and a 24-hour trading volume of $732.127 million. Dogwifhat is currently trading at $2.92 with a 24-hour trading volume of $410.185 million, and its market worth is $2.912 billion. Floki Inu is currently trading at $0.000176 with a market value of $1.677 billion and a trading volume of $158.038 million per day. Bonk is currently trading at $0.000024 with a market value of $1.547 billion and a 24-hour trading volume of $186.114 million.

Conclusion

The introduction of MEMECOIN by VanEck’s MarketVector highlights the growing interest in meme coins. Despite their volatile and speculative nature, these digital assets have shown impressive performance. However, investors are advised to approach them with caution and consider them more for amusement rather than serious investment.