MICA Daily | VanEck subsidiary launches meme coin index

MICA Daily | MarketVector, a subsidiary of the US fund company and Bitcoin ETF issuer VanEck, has launched its latest meme coin index (MEMECOIN). Comprised of a series of benchmark meme coins, the top three constituents include DOGE (30%), SHIB (28%), and PEPE (14%), accounting for approximately 72% of the total index. The overall index backtesting performance is also quite remarkable, with a one-year return of 195% and a year-to-date return of 137%.

The company also emphasizes in the index prospectus that these meme coins are purely for entertainment purposes, implying no actual investment value. The primary purpose of this index is to provide institutional investors with the ability to track and replicate meme coin price performance, while retail investors can observe the overall price performance of meme coins through this index.

As the top three meme coins are only dogs and frogs, the community speculates that the next token themed around cats may be included as a constituent, provided that its market capitalization and price performance are strong enough. Therefore, it can be expected that in the near future, cat meme-related tokens may have the potential to be hyped up for price chasing.

This article is from Blockcast:https://blockcast.it/2024/05/10/mica-daily-240510/

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AIC Team