Simon Ng An analysis performed in May 2023 set out to reveal the attitudes, thoughts, and predictions of crypto investors from across the globe concerning meme coins. This internet-based survey included 1,503 participants and aimed to evaluate the possible impact of meme coins on the cryptocurrency market. The study uncovered various aspects about the sentiment, actions, and beliefs of investors regarding these distinctive digital currencies.
Meme Coins: A Risky Bet or a Wise Investment?
The research conducted by chainplay.gg, named “State of Meme Coin,” illustrated a split amongst investors who have acquired meme coins (63.9%) and those who stay away from them (36.1%). Among the investors who purchase meme coins, most (69%) do so for amusement. However, 79% still regard them as durable investments with profit potential, although 70% believe the majority of meme coins are deceitful. Furthermore, 73% compare investing in meme coins to sheer speculation.
Key findings from the chainplay.gg study on meme coins.
The leading worries about meme coins, as reported by almost 64% of the respondents, are frauds and unexpected loss of value. More than half (55.13%) also harbored doubts about these assets’ future. The research discovered that 92% allocate less than a quarter of their crypto portfolio to meme coins. Additionally, 51% devote less than one hour to research before investing, mainly concentrating on meme popularity, social media buzz, and community involvement.
Currently, the most valuable meme coins, measured by market capitalization, hold a combined net worth exceeding $17 billion. This week, dogecoin (DOGE) is in the lead among the top five meme coin assets, reporting a rise of 9.9% against the U.S. dollar. Shiba inu (SHIB) has also shown growth, although at a lesser rate of 1.6%. In contrast, the third-ranking meme coin, pepe (PEPE), has seen a decline, dropping 10.9% over the previous week. As of July 27, 2023, the meme coin market recorded a 24-hour global trading volume of $904.36 million.
Key findings from the chainplay.gg study on meme coins.
The research revealed that one in five crypto investors worldwide first discovered digital currencies through meme coins. Among those who bought them, 32% have less than a year’s experience in the market. This implies that the excitement surrounding meme coins is attracting some novices, though it’s not the main gateway.
Regarding potential growth stimuli if meme coins flourish, the primary answers were celebrity endorsements, alliances with significant brands, and built-in utility. Nevertheless, over half of the respondents were either doubtful or indifferent about AI-generated meme coins. The research posits that if the meme coin economy continues to “flourish,” investors suggest it will be due to four key factors.
Around 12% of respondents propose that adoption and application related to AI could be a factor, while 22% think it will be due to more practical use cases or real-world applications. At the same time, 23% attribute it to the popularity among younger generations, and 26% stated they foresee growth from the overall remarkable growth of cryptocurrency.
What’s your stance on the meme coin study and its conclusions? Please share your views and thoughts on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Meme Coin Investors
What was the main purpose of the chainplay.gg study titled “State of Meme Coin”?
The main purpose of the study was to reveal insights, perspectives, and predictions of global crypto investors about meme coins. It aimed to evaluate the potential impact of meme coins on the cryptocurrency market, understanding investor sentiments, behaviors, and perceptions surrounding these unique digital assets.
What percentage of investors buy meme coins for fun?
According to the study, a majority of investors, approximately 69%, buy meme coins for fun.
How do investors perceive meme coins in terms of investment?
Despite purchasing meme coins primarily for amusement, around 79% of investors perceive them as long-term investments with profit potential.
What are the primary concerns about investing in meme coins?
The leading concerns, according to almost 64% of the study’s respondents, are scams and sudden loss of value, often referred to as ‘rug pulls’.
How much of their cryptocurrency portfolio do most investors dedicate to meme coins?
The study found that 92% of investors dedicate less than 25% of their cryptocurrency portfolio to meme coins.
What are the expected growth drivers for meme coins?
The top expected growth drivers if meme coins prosper, according to the study, were celebrity endorsements, partnerships with major brands, and integrated utility.
Are investors optimistic about AI-generated meme coins?
The study found that over half of the respondents were skeptical or indifferent about AI-generated meme coins.
More about Meme Coin Investors
- Chainplay.gg Website
- Investopedia’s Guide to Meme Coins
- Cryptocurrency Market Data on CoinMarketCap
Please note that the actual URLs might be different or might not exist; these are only representative based on the typical sources of such information.
