Institutional Investors Flood Meme Coins
Release: 2024/06/06 23:44 Reading: 530
Institutional Investors Flock to Meme Coins
A recent report from cryptocurrency exchange Bybit reveals a surge in institutional investments in meme coins. In January, these investments stood at $63 million, while by April, they had skyrocketed to approximately $300 million, a nearly 4.5-fold increase.
Preferred Meme Coins
Dogecoin (DOGE) and Shiba Inu (SHIB) have benefited the most from institutional capital inflows. Their high liquidity in the spot market makes them attractive for trading large volumes without major price fluctuations. Among newer meme coins, BONK has emerged as a favorite, attracting over $75 million in institutional investments.
Market Decline in May
Institutional holdings in meme coins declined significantly in May to $125 million due to profit-taking. However, the initial growth phase indicates sustained interest.
Key Insights
- Dogecoin and Shiba Inu remain top choices due to their liquidity.
- New meme coins like BONK are gaining traction.
- Profit-taking contributed to the decline in May.
- Institutions have a higher preference for Dogecoin than individual investors.
- Dogecoin accounts for 36% of institutional meme coin investments, while individual investors hold 24.5%.
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