Study Reveals: 69 Percent of Crypto Investors Buy Meme Coins Purely for Fun
Previously reported, a new study conducted in May 2023 aimed to unveil insights, perspectives, and views on meme coins from crypto investors worldwide.
As per Bitcoin.com, on Tuesday (1/8/2023), an online survey of 1,503 participants aimed to gauge the potential of meme coins in the cryptocurrency market. It unveiled some intriguing findings regarding the sentiment, behavior, and perceptions of investors towards these unique digital assets.
The study by Chainplay, titled "State of Meme Coin," revealed a gap, with 63.9 percent of investors having bought meme coins and 36.1 percent actively avoiding them.
Among those who purchased meme coins, a majority, approximately 69 percent, did it solely for amusement. However, 79 percent still viewed it as a long-term investment with profit potential, despite 70 percent believing that most meme coins were scams. Furthermore, 73 percent likened meme coin investments to pure gambling.
In this study, one in five cryptocurrency investors surveyed globally said they were introduced to digital currencies through meme coins.
Of those who bought meme coins, 32 percent had less than one year of experience in the market. This indicates that the hype surrounding meme coins is drawing in some newcomers, though it's not the dominant entry point.
Currently, leading meme coins, measured by market capitalization, collectively have a net worth exceeding USD 17 billion.
Among the plethora of meme coins, Dogecoin remains the champion in terms of growth and market capitalization. Shiba Inu (SHIB) has also seen growth, albeit at a lower rate of 1.6 percent.
As of July 27, 2023, the meme coin market reported USD 904.36 million in market capitalization."