Bitcoin ETF Issuer VanEck Debuts Memecoin Index, Here’s Its Relevance
Highlights
- VanEck has launched a Memecoin Index for transparency
- Users can now track price, ATH and ATL of their respective memecoins
- This is one of VanEck's products to deepen its market influence
Investment asset management firm VanEck has launched a Meme Coin Index for six cryptocurrencies on its Marketvector platform.
The VanEck Meme Coin Index
According to a screenshot shared by VanEck’s Head of Digital Asset Research Matthew Sigel, the Marketvector Meme Coin Index (MEMECOIN) is a modified market cap-weighted index that tracks the performance of the largest memecoins.
Only six of the largest memecoins will be featured on this chart, with their component weighting capped at 30%. The memecoins that make it to the Index tracker will see a monthly review. The metrics that the Meme Coin Index will track include the price of the underlying assets, All-Time-High, All-Time-Low as well as high/low at certain designated periods.
VanEck's @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap.
Warns potential customers: "These coins are intended for entertainment purposes" pic.twitter.com/ihjhfCNIR4— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024
With such a platform, crypto enthusiasts are likely to make more informed decisions about their investments. These crypto traders can ascertain the volatility of their memecoin of interest and manage their risks accordingly. This becomes more important at a time as this when several memecoins like Dogwifhat (WIF) are experiencing valuation uptick.
Read More: 5 Expert-Picked Altcoins To Buy To Achieve $1 Million Crypto Portfolio
WIF, Sealana And Other Memecoin Sees Uptick
Only a few days ago, WIF price surged by an additional 21%, leaving the price of the memecoin at $3.35. Similarly, the market capitalization of the memecoin hit $3.35 billion making it the fourth largest memecoin. With this ranking, it becomes unsurprising to see the Solana-based Dogwifhat featured on VanEck’s Index.
Another memecoin that currently has the attention of crypto whale investors is Sealana, a digital asset represented by a chubby seal. The presale of Sealana passed the $130,000 mark in just a few hours. It is worth noting that this altcoin could have experienced this performance because of the ongoing memecoin craze.
This makes it tricky for an investor to make unbiased decision on such a crypto asset. The current frenzy condition of the memecoin market does not give a true picture of the outlook of these digital assets. VanEck intends to tackle this challenge with the newly introduced Meme Coin Index. Likewise, it would demonstrate a high level of accountability from crypto exchanges, and this would in turn reduce the situation of manipulation.
Overall, this is an approach to achieve market transparency. At launch, the featured memecoins include BONK, Floki Inu, and Dogecoin as the best performing. It also features PEPE, WIF and Shiba Inu as the worst performing.
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