- Q1 and Q2 performances show why investors are pouring more money into meme coins – Survey
- PEPE, WIF, and BONK prices could hit new highs, but respondents expect BTC to do the same
An exclusive survey by AMBCrypto, interviewing 557 respondents from around the world, revealed that 53.7% of traders, investors, and analysts would choose meme coins over Bitcoin. [BTC]However, a significant number believe that Bitcoin will reach the $100,000 level by the end of 2024. However, the results of this survey may not come as a surprise to players active in the market, and it’s clear why.
Are meme coins a hedge in this cycle?
First, the price of Bitcoin is up 53.32% year to date, but this pales in comparison to the performance of meme coins, especially Solana’s meme coin. [SOL] Blockchain.
For example, dogwifhat’s [WIF] Its value has risen an astounding 1,768% this year, while Bonk [BONK] It recorded a 123% increase. Another notable meme coin is PEPE. [ETH] Despite the delayed action, the meme coin recorded a gain of 945%.
But respondents aren’t just saying this out of pure aspiration: AMBCrypto’s survey revealed that respondents are putting their money where their mouth is: Specifically, 36.8% of respondents have allocated a portion of their portfolio to meme coins.
Additionally, 25.5% hold AI-themed tokens, while the DeFi and GameFi sectors are held by 25.5% and 15.4% of total respondents. This is despite the second quarter (Q1) of the year starting at a slower pace compared to Q1.
As the second quarter began, the meme coin gave up most of its first-quarter gains. However, a recovery in GameStop (GME) stock has helped the price return to an upward trend. This is one of the reasons why PEPE seems to be topping its all-time high almost every week.
Source: TradingView
Bitcoin is still a hot topic
Despite the bullish view on the meme coin, 65.5% of respondents owned Bitcoin, indicating that the coin remains a big bet despite all the buzz.
Additionally, the AMBCrypto report also revealed that most people believe that BTC could rise by 80% by December 2024. If this happens, Bitcoin’s price could hit $121,953 by the end of the year.
So what about meme coins? Besides the report, AMBCrypto also looked into the number of holders of, and sentiment towards, frog- and dog-themed tokens.
according to data According to Santiment, there were fewer than 160,000 PEPE holders in February, but as of press time, that number has grown to 238,000.
Source: Santiment
A nearly 50% price increase in less than three months may be evidence that the meme coin supercycle isn’t going to stop anytime soon, which could lead to liquidity shortages for other altcoins with real-world utility.
Finally, the AMBCrypto report revealed that the emergence of SocialFi has been remarkable, with platforms such as Friend.tech and Fantasy.Top, for example, garnering millions of dollars in transaction volume.
Whether realistic or not, PEPE’s market capitalization in BTC equivalent is as follows:
Despite the notable increase in fund flows, meme coins are likely to continue to attract more market participants than any other sector of the market. Still, this doesn’t mean that ETH will continue to lag behind or that BTC won’t be able to reach $100,000.
