Franklin Templeton Investments (NYSE: BEN), a major multinational investment firm, raised eyebrows in March for publishing an investor note on meme coins. It said that meme coins while “[having] no inherent value or utility,” can potentially offer quick gains due to their “unique nature” and popularity in the last year.
The Shiba-Inu-themed token Dogecoin, the first and largest meme coin, which is frequently endorsed by Tesla CEO Elon Musk, is the tenth largest cryptocurrency with a market capitalization of $26 billion.
While earning the ire of less meme-friendly investors, the note underlines that meme coins can no longer be ignored. The total market capitalization for the memecoin segment is currently $65.5 billion, or approximately 2.25% of the entire crypto market according to CoinGecko.
How though? The firm highlighted that these highly volatile meme coins require little technical knowledge, have low fees, and have the potential for rapid price appreciation.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
