Asset manager VanEck has made an entry into the meme coin space with the launch of an index that will track the performance of the foremost meme coins. This is undoubtedly a signifcant development considering the wider adoption these tokens could enjoy as a result of this.
What VanEck’s Meme Coin Index Is About
VanEck’s MarketVector meme coin index is called ‘MEMECOIN.’ It will track the performance of the six largest meme coins by market cap. This includes Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK). The index weighs these altcoins based on their market cap.
Therefore, Dogecoin and Shiba Inu will hold the most value in the index, with weightings of 30.64% and 28.01%, respectively. Meanwhile, Pepe, WIF, Floki, and Bonk will weigh 14.18%, 13.29%, 7.17%, and 6.21%, respectively. The index ensured that each coin’s weighting was capped at 30% to diversify risk.
VanEck emphasized the risk associated with this c
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