Kaiko: YTD meme token yield reaches 1800%
Weekly trading volume is up by 200% over the same period
21.05.2024 - 08:15
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What’s new? Meme tokens remain the leaders in terms of yield growth despite the recent correction of the crypto market, experts of the analytical company Kaiko noted in a new weekly report. Yields on such assets have ranged from 80% to 1800% since the beginning of the year, and weekly trading volume has grown by 200% to $11 billion over the same period.
What else is known? Kaiko notes that the current situation is different from historical data: previously, during market downturns, traders invested in high-quality assets, which led to lower returns on meme tokens.
Such assets often lack specific purposes and usage scenarios, and their valuation is formed based on popularity in the community or online trends and is considered speculative and highly volatile.
Analysts believe that the current strong performance of meme tokens is due to their accessibility to a wide range of investors and their ability to adapt to trends. These factors combine to attract new participants and keep community interest high.
At the same time, analysts noted that compared to most altcoins, the meme token segment has a much higher amount of borrowed funds relative to its own (leverage). This is explained by the speculative nature of meme tokens.
Earlier, amid the ongoing hype around meme tokens, Solana updated its throughput record and became the fastest blockchain with 1054 transactions per second.
Overall, Solana has been one of the main beneficiaries of the growing popularity of meme tokens. The top 10 such assets by market capitalization include four Solana-based coins: Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Popcat (POPCAT).
Syncracy Capital believes that the popularity of meme tokens, combined with other factors, will allow the native token of Solana (SOL) to grow to $200 by the end of May, and later update its historical high above $260.
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