By
Svetlana Soroka
May 20th, 2024
The VanEck’s MarketVector Meme Coin Index tracks top six meme coins of the respective sector, with an 89% weightage of the entire meme coin sector.
Top financial giant VanEck has recently unveiled its MarketVector Meme Coin Index which will track the most popular category of meme coins. MarketVector’s Meme Coin Index trades under the MEMECOIN symbol, tracking the performance of top siz meme coins.
Of course, the largest holding of this Meme Coin Index includes the top three meme coins: Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). The minor contributors include other meme coins such as Dogwifhat (WIF), Floki Inu (FLOKI), and BONK. Based on the strong performance of all these meme coins, MarketVector’s new index would be up by a staggering 195% on a yearly basis.
When examining the yearly ‘price’ charts of the aforementioned tokens, it becomes evident that these coins experienced remarkable gains. Thus, investors who entered the market at opportune times have minted unprecedented profits within a year.
The total market cap of the entire meme coin sector is $51 billion. Of these, the MarketVector’s new index alone tracks a solid $44.67 billion. If we track the performance of each of these meme coins in the VanEck’s Meme Coin Index, Dogecoin (DOGE) and Shiba Inu (SHIB) have given modest returns of 100% and 150% respectively, over the past year.
However, the other four meme coins have given outstanding returns in comparison. For e.g.,PEPE coin has rallied by 300% over the past year, Dowifhat (WIF) has rallied by 1600%, FLOKI Inu has surged by 400%, whereas BONK price has surged by a massive 5,400%
Solana-based Meme Coins on a Roll
The meme coin mania has ignited once again this year in 2024. However, this year it’s the Solana-based meme coins that have been hogging all the limelight in the market.
Several investment managers anticipate the continued momentum of meme coins, driven by Solana’s low fees that enable users to engage in small bets for potentially substantial gains, unlike previous frenzies hampered by high Ethereum fees.
Recently, a new subset of meme tokens known as PoliFi has gained prominence. The market capitalization of this emerging token category has surged to $586 million amidst the intensifying election season.
Of note, one token, BODEN, surged by 16% following a comment made by former President Donald Trump at a campaign event, while Trump-themed tokens like MAGA saw a 28% increase and TREMP spiked by 142%.