- Bitwise CIO Matt Hougan has at all times supported memecoin ETFs.
- Hogan believes that every one buyers ought to have a protected option to put money into meme tokens.
- The overall market capitalization of the meme coin sector fell to $41.14 billion prior to now 24 hours.
Memecoin exchange-traded funds (ETFs) are anticipated to be the subsequent large factor within the digital asset sector. In an interview with Pondering Crypto podcast host Tony Edwards, Bitwise CIO Matt Hogan spoke concerning the potential of such funding merchandise and their potential impression on cryptocurrencies.
Through the interview, Hogan spoke about a number of subjects, together with the potential for a memecoin ETF being accepted within the close to future. The Bitwise government mentioned he doesn't know if an ETF “would match into the worldwide Bitwise framework,” however added that many of those funding merchandise “merely exist as buying and selling instruments, and so they're broadly adopted and broadly used.”
Additionally learn: SunPump Meme Implements 100% On-Chain Buyback and Burn Course of
The approval of a memecoin ETF would carry extra capital to the memecoin sector and enhance its presence amongst conventional buyers. Hogan mentioned folks will lastly discover publicity to memecoins and that it's higher to take action by an ETF than by FTX.
Hogan didn’t say whether or not Bitwise would pursue a meme coin ETF within the close to future, however mentioned it could help such a product. He believes crypto fanatics all in favour of meme cash ought to have entry to a “protected, safe, acquainted ETF package deal.”
The meme coin sector has seen large positive factors since final 12 months
The meme coin market is outperforming main cryptocurrencies and blue chip tokens, with Solana meme tokens main the best way. PEPE, BONK, WIF, BRETT and POPCAT have all seen spectacular positive factors.
Associated article: Solana day by day buying and selling charges hit multi-month low as meme coin pleasure fades
In keeping with knowledge from Coingecko, the meme coin sector has a market capitalization of $41.14 billion, down about 3.6% prior to now 24 hours, whereas whole buying and selling quantity for meme cryptocurrencies is $3.835 billion. The sector is dominated by Dogecoin (DOGE) and Shiba (SHIB), that are valued at $14.8 billion and $7.8 billion, respectively.
Disclaimer: The data introduced on this article is for informational and academic functions solely. This text doesn’t represent any sort of monetary recommendation or counsel. Coin Version just isn’t chargeable for any losses incurred because of the usage of the content material, merchandise, or providers talked about. Readers are suggested to train warning earlier than taking any motion associated to our firm.
