In 2021, a subsidiary of US wealth giant VanEck launched a memecoin index. This index, called ‘MEMECOIN’, tracks the prices of the six largest meme-based cryptocurrencies. This index has achieved great results over the past year.

Memecoin crypto index bloeit

The memecoin index, launched on October 31 by VanEck’s MarketVector, is known for its focus on specific and emerging sectors, including memecoins.

The index tracks the price performance of the six largest memecoins by market capitalization: Dogecoin (DOGE), Shiba inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki inu (FLOKI) and Bonk (BONK). Together, these memecoins represent a total market value of $44.67 billion.

In the past year, the index has increased in value by no less than 195%, and since the beginning of 2024 the return has already reached 137%.

To ensure diversification and prevent one asset from having too much influence, the index limits the weighting of individual coins to a maximum of 30%. Dogecoin and shiba inu, the largest memecoins, together make up the lion’s share of the index, with 30.69% and 28.28% respectively.

Memecoins have become an indispensable part of the crypto market

To the surprise and frustration of many, memecoins have become a dominant niche within the crypto world.

In the 2021 bull market, the popularity of memecoins skyrocketed. This started with Dogecoin, launched in 2013, which became one of the best-performing crypto coins thanks to Elon Musk.

Shortly afterwards, the price of ‘dogecoin killer’ shiba inu also shot up, also based on a Shiba Inu dog, just like dogecoin.

Both memecoins still belong to the top of the crypto market, and there are now many more memecoins with enormous market values.

Any way you look at it, memecoins have become an important part of the crypto industry, something VanEck’s MarketVector recognized relatively early.

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