Why are memecoins so popular among traders?

The results of a new study conducted in May 2023 by the chainplay.gg platform provide interesting statistics and information about the interest of traders and investors in meme coins.

Based on the results of this study, there is a split between investors who bought memecoins (63.9%) and those who avoided them (36.1%). Of the investors who buy memecoins, the majority (69%) do so for fun. However, 79% of them see these cryptocurrencies as a long-term investment with the potential to make a profit. In contrast, 70% think that most memecoins are fake.

On the other hand, 73% consider investing in meme coins as just gambling. According to almost 64% of respondents to this study, the main concern with memecoins is fraud and rogue money.

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More than half (55.13%) also expressed doubts about the future of these assets. The results of this study showed that 92% of those who buy memecoin allocate less than 25% of their digital currency portfolio to this type of assets.

Additionally, 51 percent of them spend less than an hour researching before investing, primarily focusing on meme popularity, social media activity, and community engagement. In the study, one in five investors surveyed globally said they were introduced to cryptocurrencies through the use of memecoins.

Among those buying memecoins, 32% had less than a year of experience in the market. This shows that hype and hype about memecoins can attract new entrants to the market. When asked about potential growth drivers for memecoins, participants cited celebrity endorsements and partnerships with big brands.