Exclusive: 36.8% Now Own Memecoins!
Journalist
- Memecoins’ performance in Q1 and Q2 is a major reason why investors are investing more in them – survey
- BTC, PEPE, BONK and WIF prices could reach new heights, but respondents expect BTC to follow suit.
AskFX’s exclusive survey of 557 respondents found that 53.7% would prefer memecoins over Bitcoin. Still, many people believe that Bitcoin could hit $100,000 before the end of 2024. The results of this study may not surprise active market participants, but the reasons behind this are clear.
Are memecoins the next hedge in this cycle?
Bitcoin price is up 53.32% year-to-date. But that’s nothing compared to memecoins, especially those based on Solana. Blockchain.
Dogwifhat is a good example. Bonk’s value has increased by 1,768%, which is a staggering jump. A 123% increase was recorded. Another notable memecoin is PEPE. Ethereum remains a popular cryptocurrency. This memecoin recorded gains of 945%.
Respondents did not say this just out of desire. AskFX found that respondents are actually putting their money on the line. 36.8% have invested part of their portfolios in memecoins.
DeFi and GameFi tokens were also held by 25.5% of respondents, while 15.4% and 25.5% of respondents did so, respectively. The second quarter of the year started slower than the first quarter.
Memecoins lost a large portion of the gains they made in the first quarter. However, the resurgence of GameStop stock (GME) brought prices back into the uptrend. Because of this, PEPE seemed to surpass its previous highs almost every week.
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Bitcoin still dominates the conversations
Although memecoins are a hot topic, 65.5% owned Bitcoin. This shows that Bitcoin is still a good bet despite the hype.
AskFX also found that the majority of respondents believed that BTC would rise by as much as 80% in December 2024. The price of Bitcoin could reach $121,953 by the end of this year if the above scenario plays out.
What about memecoins? AskFX also examined sentiment and the number of token holders in addition to the report.
Santiment data shows that the number of PEPE holders was below 160,000 in February. However, at the time of publication, this number had risen to 238,000.
Source: Santiment
A rise of almost 50% in less than 3 months could be a sign that the memecoin cycle is not going to end anytime soon. If that is the case, altcoins that have real-world utility could suffer from a lack of liquidity.
AskFX’s report concluded that the emergence of SocialFi is something to watch out for. Platforms like Friend.tech or Fantasy.Top, for example, have recorded trading volumes of millions of dollars.
Here is the PEPE market cap in BTC.
Memecoins could continue to be more popular than any other market sector despite the noticeable increase in money flow. This does not mean that ETH will continue to lag behind or that BTC will not reach the $100,000 mark.
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