
Investing in meme currencies or crypto assets created from internet memes or having funny qualities is a form of gaming, a new study has discovered. Despite some investors who believe otherwise, this is despite arguments from some investors.
Crypto investors have been seeing more interest in meme coins over the past few years, as most of them consider it as a profitable investment option, while others believe it's a good quick-profit opportunity.
Elon Musk, a tech billionaire, is a vocal supporter of Dogecoin, the world's first meme coin created as a joke to Bitcoin, and launched in 2013 as proof of his support for the meme coin.
If Tesla is investing in Dogecoin, what prevents other investors from imitating him and investing in Doge and other meme coins?
ChainPlay, a platform developed with the sole purpose of helping crypto gamers get information from various sectors of the GameFi market, has revealed stunning details about meme coins and how they are perceived by investors.
Lohar Herbert, the head of Chainplay research, explained to IBT.
Herbert added: 'I can't stress enough the fact that Mr Herbert is in the process of putting together a report,' he said.
The perception of investors was exacerbated by investors' failure to conduct due diligence before purchasing crypto assets, according to the study.
The top three factors investors research the most, according to the report, are meme popularity, social media act and community act.
The study also revealed that 70% of investors believe the majority of meme coins are scams. Among those asked in the study, only 30 percent said they believe meme coins to be safe investments. While the majority of people think meme coin investment is a scam, they do not mean it in the real sense of the word.
People's FOMO can also drive them.
Although 48% of thesurveyed believe meme coins as long-term investments, 64% of them believe their investment has a high potential for profit, while 61% invest just out of curiosity.
ChainPlay also speculated that the explosion of the cryptocurrency industry, the growing popularity of crypto among younger generations,' more practical use cases of practical real-world applications, and's DOGE Killer Leash, Milady, Lovely Inu and Dogechain were among the key drivers for meme coin growth in 2023.