VanEck’s MarketVecto subsidiary has introduced a memecoin index that tracks the performance of the top six memecoins in the crypto market. The index is weighted based on market value and includes Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki, and Bonk. The latest data from the index shows a staggering 195% increase over the past year, highlighting the significant price gains these altcoins have experienced.
The annual price charts of these altcoins reveal their impressive bull run. Dogecoin, the largest memecoin, saw a 102.82% increase in price last year. While its current price has decreased by 1.92% in the last 24 hours, it still has the potential to provide high returns to long-term investors.
Shiba Inu, known as the “Dogecoin killer,” experienced a 159% increase in value over the past year. It is currently trading at $0.00002287 with a 0.76% decrease in the last 24 hours. Shiba Inu’s growth has positioned it as one of Dogecoin’s main competitors and the second-largest memecoin by market value.
PEPE, the third-largest memecoin, recorded an impressive 338% annual rise. It is currently trading at $0.000008309, with a 4.26% increase in the last 24 hours. WIF, a dog-themed memecoin on the Solana network, has seen a staggering 1615.28% increase since its launch in November last year. Its current price is $2.88 with a 1.73% decrease in the last 24 hours.
Floki Inu, another dog-themed memecoin, has shown a 403.93% increase over the past year. Its current price is $0.0001745, with a 2.17% increase in the last 24 hours. Similarly, BONK, a dog-themed memecoin on the Solana network, has risen by 5474.23% over the last year. Its current price is $0.00002406, with a 1.14% increase in the last 24 hours.
The remarkable price increases of these altcoins have generated a great deal of optimism among investors, especially considering that Bitcoin has not yet experienced a halving rally after its 4th block reward halving. Investors are hopeful about the future price movements of these altcoins.
Please note that the information provided in this article is not investment advice. Cryptocurrencies are highly volatile and carry risks, and investors should conduct their own research.