VanEck’s Meme Coin Index Reaches 195% as DOGE, SHIB and pepe Prices Rise
Amidst the cryptocurrency industry’s unprecedented performance this year, meme coins have once again been thrust into the spotlight as Vaneck’s subsidiary’s meme coin index reached a staggering 195%, demonstrating the immense potential of these coins to deliver returns to investors. Covering the top six meme cryptocurrencies by global market cap: DOGE, SHIB, PEPE, WIF, FLOKI and bonk, the index serves as a market cap-weighted overview of the price performance of these meme cryptocurrencies.
Recently, data provided by this index showed that the annual charts have reached 195%, underlining the significant price gains that the aforementioned meme coins have recorded in a year. Here’s a closer look at this data and why it’s showing such a big increase; An exciting development for crypto market participants.
Meme Coin Index: Here’s Everything
VanEck subsidiary MarketVecto recently launched a meme coin index that aligns the performance of the six largest meme coins in the crypto industry. The component weights of the index are limited to 30%; these include dogecoin (30.77%), Shiba Inu (28.34%), Pepe (14.51%), dogwifhat (12.54%), Floki Inu (7.14%) and BONK (6.7%) ) is included.
Notably, when comparing the annual performance of these tokens, the charts rose by as much as 195%, sparking market optimism. In this context, looking at the annual ‘price’ charts of the above-mentioned tokens, it can be clearly seen that these cryptocurrencies have recorded extraordinary gains, with investors who entered the market at the right time making unprecedented profits within a year.
While VanEck’s subsidiary’s meme coin index warned against the turbulent nature of these recreational coins, the tokens have instead attracted significant interest in the broader market.
It is also worth noting that the index’s chart uses UTC, not local time. Its year-to-date performance was evaluated as 137.96% as of writing.
Also Read: Crypto Prices Today May 9: Bitcoin Drops to $61K, ETH Drops, Cardano Breaks Market Trend
DOGE, SHIB, PEPE and Others Rally
Annual charts of DOGE, SHIB, PEPE, WIF, FLOKI and BONK, accompanied by meme coin index data, show that the tokens have experienced an extraordinary year-long bull run.
Dogecoin Price Rises Over 100%
Dogecoin, the largest cryptocurrency by global market cap, has seen a 102.82% increase in its price in the past year. Although the price of the token decreased by 1.92% in the last 24 hours and reached $ 0.1476, the meme coin predicted a bullish outlook in terms of offering long-term gains to investors.
shiba inu Gathered Over 150%
Meanwhile, the self-proclaimed Dogecoin killer Shiba Inu has gained 159% in annual value and is currently down 0.76% in the last 24 hours at $0.00002287. The annual gains of the SHIB token, one of Dogecoin’s most prominent competitors and the second-largest cryptocurrency by global market capitalization, come as a result of the community’s monumental development efforts.
Pepe Coin Rises Over 300%
PEPE, the third-largest meme crypto by market cap, has seen a remarkable 338% year-on-year rise. Currently trading at $0.000008309, the frog-themed meme token is up 4.26% in the last 24 hours with price change action.
‘dogwifhat’ Price Increased Over 1,600%
Less than a full year after its launch, solana-based meme coin WIF has gained 1,615.28% since its inception in November last year. WIF traded at $2.88, registering a 1.73% decrease in its price in the last 24 hours.
FLOKI Price Increased Over 400%
Annual charts for another dog-themed meme token brought to you by Floki Inu, members of the Shiba Inu community, show a 403.93% year-on-year increase. As of the time of writing, the token was at $0.0001745, up 2.17% in the past day.
BONK Springs is up over 5,400%
Meanwhile, Bonk (BONK), another dog-themed meme token on the Solana network, is up 5,474.23% in the past year. At the time of writing, the token remains at $0.00002406, up 1.14% in price over the past day.
The phenomenal price increases witnessed by these tokens have raised a great deal of optimism among investors surrounding the above-mentioned tokens, primarily as reflected in VanEck’s subsidiary’s meme coin index. The fact that the post-BTC halving has not yet come into effect gives hope for the future price movements of the cryptocurrency.
Also Read: Donald Trump Seeks Votes from Crypto Lovers, Extends Full Support
✓ Share:
parofix consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. parofix writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#VanEcks #Meme #Coin #Index #Reaches #DOGE #SHIB #PEPE #Prices #Rise