A recent survey by BTC Peers shows that 40% of young American investors aged between 18 and 40 dived into cryptocurrencies for viral meme coins.
The anonymized survey was taken among 2,531 US citizens, each completing a 55-question poll. This allowed users to share their enthusiasm for investing in crypto assets.
“I bought Dogecoin after seeing memes about its price skyrocketing. The jokes made it feel like a fun club to join.”One user said in the survey.
While 11% of the investors said their goal was to make long-term money, “the majority are in it for amusement and social belonging,” per BTC Peers. The bulk of meme coin investors, around 83%, belong to Millennials or Gen Z, the survey found.
Moreover, 65% of the surveyed users claimed that humor and jokes help them understand the complex concepts of the crypto industry easily. One participant added that meme coins help to “spark enough curiosity” to learn more about “intimidating stuff like decentralized networks.”
59% claimed that memes help them better understand new projects.
While 57% admitted to being affected by memes in making investments, 72% claimed that dogecoin (DOGE) is their favorite meme coin. 89% also prefer receiving daily news from social platforms rather than traditional media.
“I learn about the best cryptos and newest trends through meme posts.” And “Social media is where these jokes and ideas spread.”One respondent said.
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.
The downward movement comes as the top six assets in the category registered minor declines, according to data provided by CoinMarketCap (CMC).
The leading meme coin, DOGE, is also down by 0.25% in the past 24 hours while its 60-day graph shows a 0.98% rise.