69% of Meme Coin Investors Buy for Fun — Study Delves Into Investor Sentiments on Meme Coins

A caller survey conducted successful May 2023 sought to uncover insights, perspectives, and outlooks connected meme coins from crypto investors astir the world. The online survey of 1,503 participants aimed to gauge meme coins’ imaginable successful the cryptocurrency market. It revealed respective findings astir capitalist sentiments, behaviors, and perceptions surrounding these unsocial integer assets.

Meme Coins: Gamble oregon Investment?

The study by chainplay.gg titled “State of Meme Coin” revealed a disagreement betwixt investors who person purchased meme coins (63.9%) and those avoiding them (36.1%). Of the investors purchasing meme coins, a bulk (69%) bash it for fun. Yet, 79% inactive comprehend them arsenic semipermanent investments with the imaginable for profit, adjacent though 70% fishy astir meme coins are fraudulent. Additionally, 73% equate investing successful meme coins to specified gambling.

The superior concerns astir meme coins, according to astir 64% of the study’s respondents, are scams and rug pulls. Over fractional (55.13%) besides expressed skepticism astir the aboriginal of these assets. The survey recovered that 92% dedicate little than 25% of their cryptocurrency portfolio to meme coins. Moreover, 51% walk little than an hr researching earlier investing, chiefly focusing connected meme popularity, societal media enactment and assemblage engagement.

At present, the leading meme coins, gauged by marketplace capitalization, bid a combined nett worth exceeding $17 billion. Taking the pb this week among the quintet of apical meme coin assets is dogecoin (DOGE), posting a summation of 9.9% against the U.S. dollar. Shiba inu (SHIB) has besides seen growth, albeit astatine a lesser complaint of 1.6%. Meanwhile, the 3rd astir salient meme coin, pepe (PEPE), has experienced a downturn, losing 10.9% implicit the past week. As of July 27, 2023, the meme coin marketplace reported $904.36 cardinal successful 24-hour worldwide trading volume.

In the study, 1 successful 5 cryptocurrency investors surveyed globally said they were introduced to integer currencies due to the fact that of meme coins. Of those purchasing them, 32% person little than a twelvemonth of acquisition successful the market. This suggests that the hype astir meme coins is drafting immoderate newcomers, though it’s not the predominant introduction point.

When asked astir imaginable maturation drivers if meme coins prosper, the apical responses were personage endorsements, partnerships with large brands, and integrated utility. However, implicit fractional of the respondents were skeptical oregon indifferent astir artificial quality (AI)-generated meme coins. The survey says that if the meme coin system “thrives” going forward, investors suggest it volition beryllium attributed to 4 factors.

About 12% of respondents suggest that AI-related adoption and exertion could beryllium a factor, portion 22% judge it volition beryllium owed to much applicable usage cases oregon real-world applications. Meanwhile, 23% property it to popularity among younger generations, and 26% stated they expect maturation from the wide explosive maturation of cryptocurrency.

What bash you deliberation astir the meme coin survey and its findings? Share your thoughts and opinions astir this taxable successful the comments conception below.