Amidst the cryptocurrency sector’s unprecedented performance this year, meme coins have once again seized the spotlight as Vaneck’s subsidiary’s meme coin index hit a staggering 195%, illustrating the immense potential of these coins to offer investors returns. Encompassing the top six meme cryptos by global market cap, DOGE, SHIB, PEPE, WIF, FLOKI, and BONK, the index serves as a market cap-weighted overview of the price performance of the mentioned meme coins.

Recently, the data streamlined by this index showcased that yearly charts hit 195%, underscoring the significant price gains noted by the abovementioned meme coins over a year. Here’s a closer look into this data and why it spiked whoppingly, a thrilling development for crypto market participants.

Meme Coin Index: Here’s Everything

VanEck’s subsidiary MarketVecto recently launched a meme coin index, streamlining the performance of six of the largest meme coins in the crypto industry. The index’s component weightings were capped at 30%, including Dogecoin (30.77%), Shiba Inu (28.34%), Pepe (14.51%), dogwifhat (12.54%), Floki Inu (7.14%), and BONK (6.7%).

Notably, charts rose as high as 195% when comparing the yearly performance of these tokens, stirring market optimism. In context, when looking at the abovementioned tokens’ yearly ‘price’ charts, it can be clearly seen that these coins noted phenomenal gains, with investors who entered the market at the right time making unprecedented profits in a year.

Although VanEck’s subsidiary’s meme coin index cautions against the turbulent nature of these coins, built for entertainment, the tokens have conversely gained significant traction in the broader market.

It’s also worth mentioning that the index’s graph uses UTC and not local time. Whereas, the year-to-date performance as of writing was evaluated to be 137.96%.

Also Read: Crypto Prices Today May 9: Bitcoin Drops To $61K, ETH Dips, Cardano Breaches Market Trend

DOGE, SHIB, PEPE & Others Rally

Coming in tandem with the meme coin index’s data, yearly charts of DOGE, SHIB, PEPE, WIF, FLOKI, and BONK show that the tokens experienced a phenomenal bull run over a year.

Dogecoin Price Rallies Over 100%

The largest meme crypto by global market cap, Dogecoin, saw a 102.82% surge in price over the past year. Although the token’s price slipped 1.92% in the past 24 hours, reaching $0.1476, the meme coin projected a bullish outlook for offering investors gains in the long- run.

Shiba Inu Rallies Over 150%

Meanwhile, Shiba Inu, the self-proclaimed Dogecoin killer, witnessed annual gains worth 159% and currently sits at $0.00002287, with a 0.76% dip in the past 24 hours. One of Dogecoin’s most prominent rivals and the second-largest meme crypto by global market cap, SHIB token’s yearly gains come riding the wave of the community’s monumental developmental endeavors.

Pepe Coin Upswings Over 300%

The third-largest meme crypto by market cap, PEPE, noted an attention-grabbing 338% yearly upswing. Currently trading at $0.000008309, the frog-themed meme token surged 4.26% in the past 24 hours with a price flux action.

‘dogwifhat’ Price Surges Over 1,600%

Marking not even a complete year following its launch, the Solana-based meme coin WIF rallied 1,615.28% since its inception in November last year. WIF jotted a 1.73% dip in its price in the past 24 hours, trading at $2.88.

FLOKI Price Jumps Over 400%

Annual charts for another dog-themed meme token brought by the members of the Shiba Inu community, Floki Inu, illustrated a yearly surge of 403.93%. As of writing, the token rested at $0.0001745 with a 2.17% upswing over the past day.

BONK Springs over 5,400%

Meanwhile, another dog-themed meme token on the Solana network, Bonk (BONK), rose 5,474.23% over the past year. While writing, the token stood at $0.00002406, with a 1.14% upswing in price over the past day.

The phenomenal price rallies witnessed by these tokens, as primarily pointed out by VanEck’s subsidiary’s meme coin index, has fueled immense optimism among investors surrounding the abovementioned tokens. A post-BTC halving is yet to come into play, further instilling hope for the coins’ future price movements.

Also Read: Donald Trump Seeks Votes From Crypto Lovers, Extends Full Support

The post VanEck’s Meme Coin Index Hits 195% As DOGE, SHIB, & PEPE Prices Rally appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am