Memecoins: 69% of users acquired them for fun

A few weeks ago, memecoins achieved, as a whole, the highest valuations in the crypto market. Obviously, this spectacular dynamism has to do with the psychology of the users, essentially focused on the game.

The playful attitude, the main driver of the commitment in favor of memecoins?

In early May, memecoins performed more than satisfactorily in the crypto market. A trend that has some wondering if this is memecoin season. Since then, some studies have been carried out to try to explain this unexpected dynamism.

The report “State of Memecoin” is one of them. This is a survey conducted by Chainplay, an all-in-one platform for blockchain games and NFT players. A survey covering 1,503 participants across the globe and rich in interesting details.

One of them is that 69% of memecoin users acquired them for fun. This is at least what this portion of participants admitted when asked about their interest in memecoins.

Chainplay also reveals that despite the playful nature of memecoin acquisitions, these are seen as long-term investments. Which can be paradoxical when we know the generally tendentious aspect of the enthusiasm around these assets.

The fact remains that 79% of participants bet on the potential explosion of memecoins over time. This, even if 79% of them consider them as shitcoins. And 73% of respondents liken them to gambling.

Chainplay’s report also details overall user interest in memecoins. Its data shows that 51% of participants spent at least an hour learning about these cryptos.

Additionally, 92% of respondents dedicated less than 25% of their crypto portfolio to memecoins. This, despite the reluctance of 55.13% of users about the future of these assets, and the fears of scams of 64% of participants.

Currently, Dogecoin (DOGE) dominates the memecoin market with a capitalization of over $17 billion. He is followed by Shiba inu (SHIB) himself pursued by Pepe (PEPE) who is experiencing a slowdown.