VanEck Meme Coin Index With DOGE And SHIB Would 'Outperform 99% Of People If You Left It Alone,' Says Trader
Portfolio Pulse from Khyathi Dalal
Market Vector launched the MarketVector Meme Coin Index (MEMECOIN), featuring top meme coins like DOGE and SHIB, indicating a growing mainstream adoption of meme coins. The index, which includes six meme coins with Dogecoin, Shiba Inu, and Pepe as the top components, is down 2.7% in a single day but up 186% year-over-year. Despite a -23.3% performance since its inception in October 2021, its year-to-date performance is +138%. The index's market cap stands at $44.7 billion, with its next review date on May 27, 2024.
May 09, 2024 | 12:52 pm
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POSITIVE IMPACT
Dogecoin, as a leading component of the MEMECOIN index with a 30.8% weighting, reflects significant influence within the meme coin market. Its performance is closely tied to the index's overall success.
Dogecoin's significant weighting in the MEMECOIN index suggests its performance will heavily influence the index's success, potentially attracting more mainstream attention and investment.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Pepe, holding a 14.5% weighting in the MEMECOIN index, represents a newer but significant player in the meme coin market, influencing the index's performance.
Pepe's substantial share in the MEMECOIN index, despite being a newer entrant, suggests its growing market presence and potential to affect the index's overall performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Shiba Inu, with a 28.3% weighting in the MEMECOIN index, plays a crucial role in the index's dynamics, mirroring its significant position in the meme coin ecosystem.
Shiba Inu's close weighting to Dogecoin within the MEMECOIN index indicates its potential to impact the index's performance positively, given its popularity and market activity.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85