Institutional Interest in Memecoin Soars by 300% According to ByBit Report
A recent report from the prominent cryptocurrency exchange ByBit has shed light on the growing interest of institutional investors in Memecoins. While these coins have always been a focal point for investors due to their speculative nature, the report reveals a significant surge in institutional investment in Memecoins, with a staggering 300% increase in 2024.
ByBit’s data indicates that corporate investments in Memecoins reached a peak in April, totaling $300 million. Institutional investors were drawn to Memecoins with established market capitalization, opting for stability over newer, riskier options.
The report highlights that institutions have shown a preference for popular Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), with notable investments also made in PEPE and BONK. Among the new Memecoins, BONK garnered attention, attracting $75 million in institutional investments.
According to the report, institutional investors allocated 36% of their portfolios to Memecoins, with individual investors holding 24.5% in DOGE. Both groups showed interest in Ethereum-based Memecoins, with PEPE and SHIB being popular choices. Retail investors held PEPE and SHIB at 20.95% and 14.61% in their portfolios, while institutions allocated 22.23% and 10.39% to these coins, respectively.
ByBit analysts noted that the data indicates a growing interest from institutional investors in Memecoins, particularly in assets like DOGE, which are viewed as core assets in the Memecoin space. The higher liquidity and relative stability of these coins make them attractive to institutions.
It’s important to note that this information is not investment advice. For those looking to invest in a wide range of cryptocurrencies, registering with Binance exchange through this link offers a 20% commission discount.
Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
