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.
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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.
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