Study Unveils Perceptions and Potential of Meme Coins in the Cryptocurrency Market

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Study Unveils Perceptions and Potential of Meme Coins in the Cryptocurrency Market

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A recent study has found that many individuals view investing in meme coins or crypto assets derived from internet memes as a form of gambling, despite counterarguments from some investors. Over the past few years, there has been a growing interest among crypto investors in meme coins, with the belief that they can yield profitable returns and serve as a quick-profit opportunity. Even tech billionaire Elon Musk has openly supported Dogecoin, the first meme coin that was initially created as a joke to Bitcoin in 2013. The study conducted by ChainPlay, a platform focused on providing information about the GameFi market, has shed light on investor perspectives regarding meme coins. Research findings highlight the lack of due diligence among investors before purchasing crypto assets, with factors such as meme popularity, social media activity, and community engagement being prioritized in their research. Surprisingly, 70% of investors view meme coins as scams, while only 30% consider them safe investments. However, this perception does not align with the traditional meaning of scams. Additionally, the study reveals that 48% of respondents see meme coins as short-term investments, while 64% believe in their high profit potential and 61% invest out of curiosity. ChainPlay also predicts that the growth of meme coins in 2023 will be driven by factors such as the cryptocurrency industry's expansion, the rising popularity of crypto among younger generations, and the emergence of more practical use cases. Memes coins like DOGE Killer, Leash, Milady, Lovely Inu, and Dogechain are anticipated to rise in the market.