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 of 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%
Bybit stated that according to user holding data on its platform, institutional investors’ holdings in spot meme coins increased from $62.5 million to $204.8 million between February and March of this year, reaching a peak in April with total holdings reaching $293.7 million, an increase of over 300%. However, as institutional investors chose to take profits in May, their holdings in meme coins have decreased to $125 million.
DOGE, PEPE, SHIB, and BONK are Most Popular Among Institutions
Bybit further stated that among all meme coins in the market, institutional investors prefer DOGE, SHIB, PEPE coin, and the newcomer BONK on Solana:
Image source: Bybit
BNY Mellon: 39% of Family Offices Are Exploring Cryptocurrencies
While institutional interest in meme coins may seem different from our general perception, it does show their embrace of cryptocurrencies. On the other hand, a recent wealth management research report by BNY Mellon also revealed that in a survey of various family offices, approximately 39% are actively investing or considering exploring cryptocurrencies in order to keep up with the new investment trends and opportunities brought by digital assets. However, about 38% of family offices expressed no interest in cryptocurrencies, citing concerns about the high volatility, unclear regulatory environment, as well as hacking and cybercriminal activities associated with cryptocurrencies.
