VanEck Launched Meme Coin Index To Track Dogecoin, Shiba Inu, WIF, Others

Source Bitcoinist

Asset manager VanEck has made an entry into the meme coin space with the launch of an index that will track the performance of the foremost meme coins. This is undoubtedly a signifcant development considering the wider adoption these tokens could enjoy as a result of this. 

What VanEck’s Meme Coin Index Is About

VanEck’s MarketVector meme coin index is called ‘MEMECOIN.’ It will track the performance of the six largest meme coins by market cap. This includes Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK). The index weighs these altcoins based on their market cap. 

Therefore, Dogecoin and Shiba Inu will hold the most value in the index, with weightings of 30.64% and 28.01%, respectively. Meanwhile, Pepe, WIF, Floki, and Bonk will weigh 14.18%, 13.29%, 7.17%, and 6.21%, respectively. The index ensured that each coin’s weighting was capped at 30% to diversify risk. 

VanEck emphasized the risk associated with this category of crypto tokens, given how volatile they are. Meme coins are known to be largely driven by hype and social media sentiment which makes them susceptible to rapid price fluctuations. Irrespective of that, VanEck’s move underlines the wide-range recognition and acceptance that these meme coins are beginning to enjoy. 

Time To Correct The Inaccuracies

Meme coins have mainly been criticized for lacking utility and having no future in the crypto space. However, that hasn’t been the case, as these crypto tokens have continued to thrive and enjoy increasing popularity as each day passes. These coins have also begun to see their utility increase. 

Recently, automobile company Tesla disclosed to its customers that they can now pay for certain merchandise with Dogecoin. This is in addition to other use cases that the foremost meme coin already enjoys. For example, the NBA team Dallas Mavericks also accepts Dogecoin as a payment method. 

Meanwhile, Shiba Inu has also stood out with its layer-2 network Shibarium and other innovative projects executed in its ecosystem. The Shiba Inu team also recently raised $12 million from notable venture capitalists (VCs) to build a layer-3 network focused on promoting users’ privacy. 

As Justin Sun noted, these altcoins also highlight the power of community in the crypto space. It is the efforts of their respective communities that have pushed them to such heights, with meme coins like Dogecoin, Shiba Inu, Pepe, and WIF currently in the top 50 crypto tokens by market cap.

It is also worth noting that best-performing assets among the top 50 crypto tokens are meme coins with WIF leading the pack with a year-to-date (YTD) gain of over 1,800%. 

Dogecoin price chart from Tradingview.com (VanEck meme coin index)

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
XRP spot ETF approval odds surge to 92% for 2025The 2025 XRP Spot ETF approval odds increase to 92% amid a shift in market sentiment.
Author  Cryptopolitan
Jun 04, Wed
The 2025 XRP Spot ETF approval odds increase to 92% amid a shift in market sentiment.
goTop
quote