- Institutional allocations to meme coins have surged over 300% this year, touching a high of almost $300 million in April.
- The influx highlights professional investors’ growing interest in the sector, according to Bybit.
- Dogecoin and shiba inu were favored for their liquidity, with BONK the most popular new meme coin.
As a seasoned crypto investor with a keen interest in the meme coin sector, I’ve witnessed firsthand the explosive growth in institutional allocations to this once-niche corner of the market. The surge in investments, which reached an impressive $300 million in April, is a clear indication that professional investors are increasingly drawn to the potential of meme coins.
This year, institutional investments in meme coins have surged by over 300%, reaching nearly a quarter of a billion dollars at their height in April, as reported by crypto exchange Bybit.
Among the newly popular meme tokens that have gained significant attention this year, Solana’s BONK has been the crowd favorite, drawing approximately $75 million worth of investments from institutions.
Holdings dropped to by almost half to $125 million in May as the institutions took profits.
As a blockchain analyst, I’ve noticed an increasing trend in the usage and popularity of meme tokens within the Ethereum and Solana ecosystems over the past few months. These digital assets serve as playful and engaging ways for investors to express their beliefs in the potential growth of these particular blockchains.
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2024-06-06 14:37