In their “State of Memecoin 2023” report, ChainPlay experts write that distrust of such cryptocurrencies is mainly related to the lack of knowledge and information about meme tokens. Only 30% of respondents said that they consider such investments to be a reliable investment. The remaining 70% treat token memes as a scam. Meanwhile, 73% of investors reported that investing in such coins is more like gambling.
Meanwhile, investing in meme cryptocurrencies is quite popular – the majority (53%) of investors believe that such tokens will grow significantly in value and can be used to make a profit before the tokens crash.
51% of investors spend less than an hour looking for information about a new meme cryptocurrency. 55% of respondents said they mostly rely on luck when investing in tokens like PEPE or SHIB. 69% of investors invest in such cryptocurrencies just for fun and enjoyment. 64% expect high returns, and 61% of respondents invest for interest.
Analysts found that only 48% of token-meme investors see it as a long-term investment. While among the cryptocurrency community as a whole, 79% believe meme coins are a good tool long-term investment.
The low reliability of meme cryptocurrencies worries 63.81% of ChainPlay respondents – they fear fraud and theft of funds by the development team. And 55.13% doubt the future of such cryptocurrencies. That’s why 92% have meme tokens in less than a quarter of their portfolio.
Recently the exchange rate of Dogecoin, one of the largest meme cryptocurrencies, rose by an immediate 9% following a new tweet by Elon Musk.