The Memecoin Index has been steadily increasing since the start of 2024, showing a growth of 137%. MarketVector's memecoin index has outperformed the S&P 500 by 15 times this year. In comparison, the S&P 500 has only seen a 9.3% increase since the beginning of the year.

The Memecoin Index has been on the rise, showing no signs of slowing down in 2024. The index has grown by 137% since the start of the year and by 186% compared to the previous year, now trading at $76.60. MarketVector, a subsidiary of VanEck, manages the memecoin index consisting of the top six memecoins: Dogecoin, Shiba Inu, Pepe, Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk.

According to blockchain expert Anndy Lian, memecoin projects attract speculative investors due to their high-risk, high-return nature, potentially keeping the best coins relevant in the market. Looking at the individual components of the Memecoin fund, Pepe has seen the biggest gain with a 482% increase, followed by Floki with 372%, and Shiba Inu with 112%. Despite Bonk being the worst performer at just over 59% increase, it still outperformed S&P 500 returns significantly.

Compared to other cryptocurrencies, memecoin projects often offer exponential returns. The Memecoin Index's 137% gain starkly contrasts with the market values of the top altcoins, except for the top 10 cryptocurrencies, which have only increased by 24% since the beginning of the year.

While the top memecoins have seen profitable annual returns, recent sales have raised concerns of a potential end to the memecoin season. Dogwifhat experienced the largest drop of over 15% this week, while Pepe had the smallest decline at just over 5% among the top memecoin projects.

Due to the lack of fundamental benefits in memecoin projects, it is challenging for investors and analysts to predict price movements. Prices are primarily influenced by social media advertising cycles for each memecoin.

The original post can be found on COINTURK NEWS.