Spot Bitcoin ETF issuer VanEck has launched a new Meme Coin Index. With this move, the company aims to bring transparency to the meme coin ecosystem. It is now possible for users to track the price, ATH and ATL of their meme coins. This is one of the products that VanEck has developed to deepen its influence in the market.
A new cryptocurrency move from VanEck: Meme Coin Index!
The Marketvector Meme Coin Index (MEMECOIN) is a modified market cap-weighted index that tracks the performance of the largest meme coins, according to a shared screenshot from VanEck’s Head of Digital Asset Research, Matthew Sigel. Only six of the biggest meme coins will be featured on this chart. Additionally, component weights will be limited to 30%. Meme coins entering the index tracker will be reviewed monthly. Metrics that the Meme Coin Index will track include the price of underlying assets, All Time High, All Time Low, and high/low values over specific periods.
With such a platform, crypto enthusiasts are likely to make more informed decisions about their investments. These crypto traders can detect the volatility of the meme coin they are interested in and manage their risk accordingly. This becomes more important at a time when several meme coins like Dogwifhat are experiencing an increase in value. Currently, the index includes Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), dogwifhat (WIF), Floki Inu (FLOKI) and Bonk (BONK).
Price performance of WIF and other meme coins
cryptokoin.comAs you follow from, just a few days ago, WIF price saw a 21% increase. However, he later gave back a significant portion of his gains. At the time of writing, WIF was trading at $2.88, down 12.8% on a daily basis. Following an upward move, the market value of meme coin reached $3.35 billion. WIF has also become the fourth largest meme coin. With this ranking, Solana-based Dogwifhat is likely to be included in VanEck’s Index.
Another meme coin currently attracting the attention of crypto whale investors is Sealana. This meme coin represents a plump seal. Sealana’s pre-sale crossed the $130,000 mark in just a few hours. It is worth noting that this altcoin may have experienced this performance due to the ongoing memecoin craze. Therefore, this makes it risky for an investor to make an unbiased decision about such a crypto asset. The frenzy of the meme coin market does not give a true picture of the outlook for these digital assets. VanEck aims to overcome this challenge with the newly introduced Memecoin Index. Likewise, it will show a high level of accountability from crypto exchanges, which will reduce the incidence of manipulation. Overall, this is an approach to ensuring market transparency.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!