VanEck launches MEMECOIN index to track PEPE, Dogecoin, Shiba Inu, BONK and others
VanEck, an asset manager, is entering the world of meme coins with the launch of an index that will track the performance of the most important meme coins. This move marks a significant development given the wider adoption it will allow these tokens to enjoy.
About VanEck’s MEMECOIN Index
VanEcks MarketVector meme coin index is called ‘MEMECOIN’. This index will track the performance of the six largest meme coins by market capitalization. This includes Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK). The index weights these altcoins based on their market capitalization.
Increase in interest in meme coins
VanEck highlighted the risk associated with this category of crypto tokens, given their volatility and the strong influence of hype and sentiment on social media. Nevertheless, VanEck’s move underlines the widespread recognition and acceptance that these meme coins are starting to enjoy.
Source: https://www.marketvector.com/indexes/digital-assets/marketvector-meme-coin
Correction of misconceptions
Meme coins often have criticism because they are of no use and have no future in the crypto space. However, these crypto tokens continue to thrive and gain popularity, with increasing uses. For example, Tesla recently revealed that customers can pay for certain merchandise with Dogecoin, while the NBA team Dallas Mavericks accepts Dogecoin as a payment method.
Remarkable achievements and strength of community
Shiba Inu has also distinguished itself with its layer-2 network Shibarium and other innovative projects in its ecosystem. Additionally, the Shiba Inu team recently raised $12 million from notable venture capitalists (VCs) to build a layer-3 network aimed at promoting user privacy. These successes highlight the strength of the community in the crypto space.
