The VanEck subsidiary memecoin index is up 137% year-to-date.
Since the beginning of 2024, the MarketVector Meme Coin Index (MEMECOIN) is up more than 137%, as the main memecoins continue to grow.
The MarketVector memecoin index has outperformed the S&P 500 more than 15 times this year. In contrast, the S&P saw only a 9.3% year-to-date (YTD) price appreciation, according to TradingView data.
The memecoin index is up more than 137% and 186% over the last year, trading at $76.60 as of 8:52 am UTC.
MarketVector, a subsidiary of US asset management giant VanEc, launched its memecoin index in 2015. Started on October 31, 2021. It includes six large memecoins including Dogecoin (DOGE) with 30.7% allocation, Shiba Inu (SHIB) with 28.3% allocation. , 14.5% PEPE, 12.5% DOGWIFAT, 7.14% FLOKI and 6.7% BONK tokens.
“The high-risk, high-return strategy” makes memecoins attractive to speculative investors and keeps top coins relevant, says Andy Lean, blockchain expert and author of NFT: From Zero to Hero. Leanne told Cointelegraph:
“This creates a viral effect that can lead to rapid price increases. Many investors are attracted to the possibility of quick and high returns. Memecoins are known for their volatility, which can lead to high returns for traders who manage their investments correctly.”
Looking at the individual components of the memecoin fund, Pepe was the biggest gainer, up 482% YTD, followed by Floki at 372%, and Shiba Inu up 112% YTD, taking third place. Bonk outperformed by more than 59%, but still beat the S&P 500's returns by more than six times.
Memecoins often deliver exponential returns, even compared to some of the top cryptocurrencies. Excluding the top 10 cryptocurrencies, the market cap of the top altcoins has grown by 24% YTD compared to the memecoin index's 137% appreciation.
Top altcoins get weekly sales
Despite the lucrative annual revenue, six large memecoins have seen sales this week, raising fears that the memecoin season may be over. Over the past five days, Dogwhiphat fell more than 15 percent as the biggest loser, while Pepe fell more than 5 percent — the smallest decline among the top memecoins.
Because memecoins have no underlying utility, it's difficult for traders and technical analysts to predict their price action—primarily driven by social media hype cycles for each memecoin.
Trading volume is often used to measure sentiment around memecoins. As reported by Cointelegraph, the weekly memecoin trading volume has been decreasing across all blockchains since early March.
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