Cryptocurrency exchange Bybit pointed out that since the beginning of this year, institutional investors’ interest in meme coins has been growing. From February to April this year, institutional investors’ holdings in meme coins increased from $62.5 million to $293.7 million, with DOGE, SHIB, PEPE, and BONK being the most popular.
Institutional Meme Coin Allocation Increases by 300%
DOGE, PEPE, SHIB, and BONK are Most Popular Among Institutions
Bank of New York Mellon: 39% of Family Offices are Exploring Cryptocurrency
Cryptocurrency exchange Bybit released a new research report this week, indicating that meme coins are becoming increasingly important for institutional investors in their cryptocurrency portfolios.
Institutional Meme Coin Allocation Increases by 300%
Bybit stated that according to user holding data on its platform, institutional investors’ holdings in spot meme coins increased from $62.5 million in February to $204.8 million in March, reaching a peak in April with total holdings of $293.7 million, an increase of over 300%.
However, as institutional investors chose to take profits in May, the current holdings of institutional investors in meme coins have decreased to $125 million.
DOGE, PEPE, SHIB, and BONK are Most Popular Among Institutions
Bybit further pointed out that among all meme coins in the market, institutional investors prefer Dogecoin (DOGE), Shiba Inu (SHIB), PEPE coin, and the newcomer BONK on Solana:
Source: Bybit
Bank of New York Mellon: 39% of Family Offices are Exploring Cryptocurrency
Although institutional interest in meme coins may seem different from our common understanding, it does show their embrace of cryptocurrency actions.
On the other hand, a recent wealth management research report from Bank of New York Mellon (BNY Mellon) also showed that in a survey of various family offices, about 39% of them are actively investing in or considering exploring cryptocurrencies because they want to keep up with the new investment trends and opportunities brought by digital assets.
However, approximately 38% of family offices also expressed no interest in cryptocurrencies, citing concerns about the high volatility of cryptocurrencies, unclear regulatory environment, and hacker activities and cybercrime associated with cryptocurrencies.
