VanEck’s Meme Coin Index Hits 195% As DOGE, SHIB, & PEPE Prices Rally

Amidst the cryptocurrency sector's unprecedented performance this year, meme coins have once again seized the spotlight as Vaneck's subsidiary's meme coin index hit a staggering 195%, illustrating the immense potential of these coins to offer investors returns. Encompassing the top six meme cryptos by global market cap, DOGE, SHIB, PEPE, WIF, FLOKI, and BONK, the index serves as a market cap-weighted overview of the price performance of the mentioned meme coins.

Recently, the data streamlined by this index showcased that yearly charts hit 195%, underscoring the significant price gains noted by the abovementioned meme coins over a year. Here's a closer look into this data and why it spiked whoppingly, a thrilling development for crypto market participants.

Meme Coin Index: Here's Everything

VanEck's subsidiary MarketVecto recently launched a meme coin index, streamlining the performance of six of the largest meme coins in the crypto industry. The index's component weightings were capped at 30%, including Dogecoin (30.77%), Shiba Inu (28.34%), Pepe (14.51%), dogwifhat (12.54%), Floki Inu (7.14%), and BONK (6.7%). Notably, charts rose as high as 195% when comparing the yearly performance of these tokens, stirring market optimism.

In context, when looking at the abovementioned tokens' yearly 'price' charts, it can be clearly seen that these coins noted phenomenal gains, with investors who entered the market at the right time making unprecedented profits in a year. Although VanEck's subsidiary's meme coin index cautions against the turbulent nature of these coins, built for entertainment, the tokens have conversely gained significant traction in the broader market.

It's also worth mentioning that the index's graph uses UTC and not local time. Whereas, the year-to-date performance as of writing was evaluated to be 137.96%.

Also Read: Crypto Prices Today May 9: Bitcoin Drops To $61K, ETH Dips, Cardano Breaches Market Trend

DOGE, SHIB, PEPE & Others Rally

Coming in tandem with the meme coin index's data, yearly charts of DOGE, SHIB, PEPE, WIF, FLOKI, and BONK show that the tokens experienced a phenomenal bull run over a year.

Dogecoin Price Rallies Over 100%