The Meme Coin Index was first introduced by VanEck’s MarketVector, a benchmark that tracks the six biggest meme currencies by market capitalization.
The index is updated regularly and maintains diversification by capping individual coin weightings at 30%. This cap makes sure that no coin has a huge impact on the index.
Institutional and individual investors can benefit from the MEMECOIN index, which provides information about an erratic and developing market. The tool offers institutional investors a methodical way to enter the volatile meme coin market.
The index lessens the need for direct exposure to specific coins by providing an aggregated view of its most significant assets. Conversely, individual investors might utilize the index to comprehend the market share and comparative performance of their preferred coins.
“If memes are the new alpha, this new index from MarketVector may capture the zeitgeist of the crypto space in a way no other benchmark can,”
Matthew Sigel, VanEck’s Head of Digital Assets Research, continued, “We look forward to seeing what others will build on top of it.”
Presently leading the index at 30.77%, Dogecoin (DOGE) emphasizes its well-established presence. At 28.34%, Shiba Inu (SHIB) is a close second. The remaining weightings are completed by newcomers Pepe (PEPE) at 14.51%, Dogwifhat (WIF) at 12.54%, Floki Inu (FLOKI) at 7.14%, and BONK at 6.7%.
The meme coin index has increased by almost 202% in the last year, despite a slight decline recently. This shows the speculative interest and rapid growth in this particular area of the cryptocurrency market.
