VanEck’s MarketVector Launches Meme Coin Index, Led by Dogecoin and Shiba Inu
- VanEck’s MarketVector introduces MEMECOIN, tracking top meme coins with a 137.96% YTD return.
- MEMECOIN uses a capped market cap-weighted approach to balance risk, with Dogecoin and Shiba Inu dominating.
- VanEck emphasizes the speculative and volatile character of meme currencies and cautions that they should only be used for amusement rather than investment.
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 an X post by Wu Blockchain, this index has returned an impressive 137.96% year-to-date, making it the best-performing index on MarketVector.
MarketVecto, a subsidiary of American asset management giant VanEck, launched the Meme Coin Index, including Dogecoin (30.77%), Shiba Inu (28.34%), Pepe (14.51%), dogwifhat (12.54%), Floki Inu (7.14%) and BONK (6.7%) ). The Meme Coin Index has returned 137.96% so far this year,… pic.twitter.com/7QeecKTbTx
— Wu Blockchain (@WuBlockchain) May 9, 2024
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 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.
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 . With a current price of $0.000023 and a 24-hour trading volume of $397,857,784, Shiba Inu has a market value of $13.479 billion. Pepe is trading at $0.000008 with a market value of $3.521 billion and a 24-hour trading volume of $732.127 million.
Moreover, 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. With a market value of $1.677 billion and a trading volume of $158.038 million per day, Floki Inu is currently trading at $0.000176 . With a market value of $1.547 billion and a 24-hour trading volume of $186.114 million, Bonk is currently trading at $0.000024 .
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