Despread Research, the research arm of Web 3 consultancy Despread, has published a report on the evolution and future potential of the memecoin market, analysing the utility of memecoin as a speculative asset. The team notes that US asset manager VanEck has launched a memecoin index fund that tracks the price of six popular memecoins, including DOGE, PEPE and WIF.
While the launch of the VanEck Memecoin index fund is unlikely to immediately attract institutional investment in memecoins, it is significant that community-driven memecoins have grown without any utility, attracting institutional interest, the report said. The VanEck Memecoin index fund could be a catalyst for more institutional and retail investors to become interested in memecoins.
We have already seen crypto-based fund companies looking to include Memecoin in their portfolios, with California-based crypto fund Stratos launching the WIF Liquidity Fund in December, which has seen a 137% return as of Quarter 1, 2024.
According to Despread Research, Memecoin will continue to grow as a carrier of social ideology.
Study: Memecoin market could welcome a large number of institutional investors
2024-06-17 07:24:48
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