Meme Coins' Price Surges Strongly Correlated with Growth of User Wallets on Blockchains, Says Franklin Templeton Report
Franklin Templeton's Digital Assets team has found that meme coins have a strong correlation between their price surges and the growth of user wallets on underlying blockchains, despite lacking inherent value propositions. The report states that active addresses on various blockchain networks have increased alongside the rise in meme coin trading activity, with BONK on Solana being a notable example. Meme coins may provide investors with opportunities to make quick profits and have gained virality in the past year due to their unique nature. Some traders see the surge in meme coins as a way to bet on the growth of a blockchain, with prominent meme tokens of the Ethereum and Solana ecosystems rallying since late February. The Avalanche Foundation has even started to invest in meme tokens built on the network in recognition of the online culture and memetic value that such tokens can drive among investors.
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