According to ChainCatcher, Despread Research, the research arm of Web3 consulting firm Despread, released a report on the evolution of the Meme coin market and its future potential, analyzing the utility of Meme coin as a speculative asset.
The team noted that US asset management company VanEck launched a Memecoin index fund that tracks the prices of six popular Memecoins, including DOGE, PEPE, and WIF. The report said that while the launch of the VanEck Memecoin Index Fund is unlikely to immediately attract institutional investment in Memecoin, the fact that community-driven Memecoin has grown without any utility and attracted institutional interest is significant. The VanEck Memecoin Index Fund could be a catalyst to get more institutional and retail investors interested in Memecoin.
It said it has seen cryptocurrency-based fund companies want to include Memecoin in their portfolios. Stratos, a California-based cryptocurrency fund company, launched the WIF Liquidity Fund in December last year, which has achieved a return of 137% as of the first quarter of 2024. According to Despread Research, as a carrier of social ideology, Memecoin will continue to grow.
