There was a prediction that institutions could flow into the memecoin market.
On the 17th, 'Disspread Research', a research organization of Web3 consulting company Disspread, published a report covering the history and future potential of the meme coin market and analyzed the utility of meme coin, which is considered a speculative asset. The Dispread Research team noted that American asset management company VanEck launched a memecoin index fund that tracks the prices of six famous memecoins, including Dogecoin (DOGE), Pepe (PEPE), and Dogweep Hat (WIF). .
The report said, “The launch of the BanEck Memcoin Index Fund will not immediately attract institutions (to Memecoin), but it is meaningful in that Memecoin, which grew based on the community without any utility, received institutional attention,” and “BanEck Memcoin Index Fund is launched.” “The Eck Mimcoin Index Fund could serve as an opportunity for more institutions and general investors to become interested in Mimcoin in the future,” he analyzed.
He continued, “There is a movement among virtual asset-based fund companies to incorporate MEMCOIN into their portfolios, and in fact, Stratos, a California-based virtual asset fund company, launched the WIF liquid fund in December of last year.” He added, “The company is “As of the first quarter of 2024, we recorded a return of 137%,” he added.
According to Dispread Research, meme coins are expected to expand as a means of social ideology as well. As the popularity of MOTHER, a meme coin created by famous rapper and model Iggy Azalea, spread earlier this month, the possibility was raised that meme coins could be used to freely form a fan culture without being restricted by the platform. The Dispread Research Team said, “Iggy Azalea actively took steps to revitalize the community by appropriately utilizing memes through “has accelerated the ‘platformization of individuals,’ where celebrities do not need to rely on specific platforms to monetize their brands and social attention.”
Kim Dong-hyuk, a researcher at Dispread who wrote the report, said, “It is worth noting that Memecoin gives value to factors that have been difficult to quantify, such as market participants’ public opinion and narratives,” and added, “How much of the subject matter does Memecoin represent reflect market participants’ influence?” “You can see whether there is interest and that this intangible asset is being reflected in the value of the token in real time,” he said. He added, “This can be seen as a new value creation process that only the virtual asset market can show.”
- Reporter Kim Jeong-woo
- woo@decenter.kr
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