Matthew Sigel, head of digital asset research at Wall Street asset management company and financial ETF issuer VanEck, posted on the X platform yesterday that MarketVector, a subsidiary of VanEck, has now launched a "Meme Coin Index" containing 6 meme coins, and reminded: "These tokens are for entertainment only", showing Wall Street's current interest in meme coins.

VanEck's @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap.
Warns potential customers: "These coins are intended for entertainment purposes" pic.twitter.com/ihjhfCNIR4

— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024

Memecoin Index covers 6 tokens

According to MarketVector data, the index tracks the six largest meme coins in the crypto market, including $DOGE, $SHIB, $PEPE, $WIF, $FLOKI and $BONK, and the weight of a single token in the index is capped at 30%.

However, some netizens questioned that $DOGE’s weight exceeded 30% and had exceeded the weight limit. In response, Matthew Sigel said: "The index weights will be rebalanced every month." Interestingly, among the 6 meme tokens, 5 are dog tokens.

Index Weight Allocation

Memecoin Index Outperforms Bitcoin and Ethereum Index

On the other hand, according to MarketVector’s one-year data, the Memecoin Index has been on an upward trend since the end of February, and the increase once exceeded 300% in mid-March, and then fell back to between 150% and 250%. In addition, the increase of the Memecoin Index exceeded the 21Shares Bitcoin Suisse Index ETP (ABBA) on March 2 and has not fallen below ABBA since then. ABBA is an index that tracks the prices of Bitcoin and Ethereum, with Bitcoin and Ethereum accounting for approximately 77% and 23% of the weight of the index.

As of yesterday (8th), the Memecoin Index increased by 195.22% and ABBA increased by 111.51%, indicating that Memecoin performed significantly better than Bitcoin and Ethereum in this rally.



As the VanEck subsidiary’s Memecoin Index primarily points out, these tokens have witnessed a staggering price rally, which has fueled a huge amount of investor optimism towards the aforementioned tokens. The fact that BTC’s post-halving is yet to play out has further instilled hope for the tokens’ future price action.