• A recent survey by BTC Peers found that 40% of young American investors aged between 18 and 40 invested in cryptocurrencies for the meme coins.
• The survey revealed that Millennials and Gen Z make up most of the meme coin investors, with Dogecoin being their favorite coin.
• Social media was where these jokes and ideas spread, helping users better understand new projects and sparking curiosity to learn more about decentralized networks.
Survey Reveals 40% of US Crypto Investors Investing for Meme Coins
A recent survey by BTC Peers shows that a significant portion of young American investors aged between 18 and 40 are investing in cryptocurrencies for the purpose of buying meme coins. This anonymized survey was taken among 2,531 US citizens, each completing a 55-question poll which allowed them to share their enthusiasm for investing in crypto assets.
Millennials & Gen Z Dominate Meme Coin Investments
The majority of meme coin investors belong to Millennials or Gen Z according to this survey; with 83% of respondents belonging to either group. Moreover, 65% claimed that humor and jokes help them understand the complex concepts of the crypto industry easily while 59% said memes help them better understand new projects. Furthermore, 72% said dogecoin (DOGE) is their favorite meme coin while 89% prefer to receive daily news from social platforms rather than traditional media outlets.
Memecoin Market Consolidating in Red Zone
Memecoins have been consolidating in the red zone over the past week with a total market capitalization of roughly $16.4 billion — down by 0.64% in the past 24 hours according to data provided by CoinMarketCap (CMC). The leading meme coin Dogecoin also registered a 0.25% decline over the past 24 hours while its 60-day graph shows a 0.98% rise
Investors Attracted By Fun & Social Belonging
The surveyed users revealed that they were attracted by fun and social belonging when it comes to investing in cryptocurrency as 11% said their goal was to make long-term money while 57 percent admitted they were affected by memes when making investments decisions. One participant added that memes helped spark enough curiosity for them to learn more about intimidating decentralized networks such as blockchains which power cryptocurrencies like Bitcoin (BTC).
This survey highlights how influential memes can be on driving investments into cryptocurrency space while showing who is behind these investments – mainly Millennials & Gen Z – whose primary source for news about cryptos come from social media rather than traditional outlets .