VanEck’s MarketVector has introduced the Meme Coin Index, which aims to monitor the total value of the six biggest meme currencies in the market. This index will closely monitors the market capitalization of the six largest meme currencies.
Currently, Dogecoin holds the top position in the index with a significant share of 30.77%, highlighting its strong and established presence. Shiba Inu has a near second place with a percentage of 28.34%. The remaining weightings are allocated to new entrants Pepe (PEPE) with a weight of 14.51%, Dogwifhat (WIF) with a weight of 12.54%, Floki Inu (FLOKI) with a weight of 7.14%, and BONK with a weight of 6.7%.
This index limits the weightings of individual coins to 30% in order to ensure a fair representation. It functions as a valuable instrument for both institutional and retail investors, offering valuable information about the dynamic and rapidly growing meme coin market.
On the other hand, individual investors may use the index to understand the market share and relative performance of their favored coins.
Matthew Sigel, the Head of Digital Assets Research at VanEck, stated that the MarketVector’s new index might more accurately represent the essence of the cryptocurrencycurrency market compared to existing benchmarks, if memes indeed hold the key to success. He says, “We look forward to seeing what others will build on top of it.”
The technology provides institutional investors with a systematic approach to access the unpredictable meme coin market. The index reduces the necessity for direct exposure to individual coins by offering a consolidated perspective of their most important assets.
The meme coin index has climbed by over 202% in the last year, despite a little dip recently. This indicates how swiftly this particular section of the cryptocurrencycurrency industry is growing and how much speculative interest there is.
Also read: Venture Capital and Hedge Funds Drive Surge in Meme Coin Investments. Is Meme Coin Mania Back?
