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MarketVector Memecoin Index has shown an increase of over 137% since the beginning of 2024. MarketVector’s memecoin index performed 15 times better than the S&P 500 index in 2024. In contrast, according to TradingView data, the S&P has only seen a rise of 9.3% from the beginning of the year to date.
Memecoin Index Shows No Signs of Slowing Down
Since the beginning of the year, the Memecoin Index has risen over 137%, and compared to last year, it has increased by 186%, now trading at $76.60. MarketVector, a subsidiary of the United States asset management giant VanEck, launched the memecoin index on October 31, 2021, and the index includes the top six memecoins: Dogecoin, Shiba Inu, Pepe, Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk.
According to intergovernmental blockchain expert and author of NFT: From Zero to Hero, Anndy Lian, the high-risk, high-return strategy makes memecoin projects attractive to speculative investors, likely keeping the best coins relevant. Lian commented:
“This creates a viral effect that can lead to rapid price increases. Many investors are interested in the potential for quick and high returns. Memecoin projects are known for their high volatility, which can yield significant gains for investors who time their investments correctly.”
Looking at the individual components of the Memecoin fund, Pepe was the biggest gainer since the beginning of the year with a 482% increase, followed by Floki with a 372% increase, and Shiba Inu in third place with a 112% increase. Bonk, although the worst performer since the beginning of the year with an increase of just over 59%, still outperformed the returns of the S&P 500 by more than six times.
Memecoin projects, even when compared to the best cryptocurrency units, often provide exponential returns. The 137% value gain of the Memecoin Index contrasts with the market values of the top altcoins, excluding the top 10 cryptocurrencies, which have only increased by 24% since the beginning of the year.
Memecoins and the Crypto Space
Despite profitable annual returns, the top six memecoins saw sales this week, raising concerns that the memecoin season might potentially be ending. Over the past five days, Dogwifhat experienced the largest drop of over 15%, while Pepe saw the smallest decline among the top memecoin projects at just over 5%.
Since memecoin projects lack fundamental benefits, it is difficult for investors and technical analysts to predict price movements; these movements are primarily driven by exaggerated advertising cycles on social media for each memecoin.
