New Survey Shows 73% of Crypto Investors Consider Memecoins as Gambling
Memecoins have always made a big impact on the cryptocurrency market. It is not wrong to say that meme coins have been drivers of bullish momentum for the crypto market and standalone blockchain projects at times.
However, the impression concerning the memecoin craze among cryptocurrency investors now seems to be changing. The association of fast price appreciations and their heightened ability to go viral has raised questions.
The result of a recent market survey has indicated that cryptocurrency investors perceive memecoins as gambling. The survey accounted for votes and opinions of more than 1502 individual investors. The result has indicated that a staggering 73% of the survey participants have perceived cryptocurrencies as gambling.
However, the impression among the investors is linked to a lack of proper research before getting into high-risk assets. Meanwhile, around 30% of the survey participants consider memecoins a safe investment.
Memecoins Show High Price Volatility
Trading is not a side hustle that can be done with minimal effort. Therefore, most cryptocurrency investors perceive it as a matter of taking on too much risk. To this effect, the general perception around meme coins is even more negative in comparison to the rest of the virtual asset markets.
The result of the latest survey has revealed that around 70% of the crypto market participants have deemed meme coins as volatile assets with quick price downtrends after temporary surges.
The survey also dives into the potential of memecoins in crypto market growth and tried to access the knowledge among investors. At the same time, the report also examines if meme coins are an ideal addition to the cryptocurrency portfolio for retail investors as a diversification method.
To this effect, the survey also sectioned the market perception into metrics for in-depth analysis of the meme coin market dynamics. For example, the survey asked the investors about their opinions on various aspects associated with meme coin projects such as network security, profit generation, and due diligence among others.
The polls of the survey have revealed that crypto investors consider meme coins shaky in terms of cyber security. This perception is driven by the trend of memecoins’ massive price surges that are historically followed by massive downtrends.
On account of the profit-earning potential of meme currencies, polls indicated that around 53% of investors have maintained a positive perception of the matter. This data indicate that cryptocurrency investors view meme coins as a way to earn profits in the short run which is mostly driven by social media hype and trending bouts.
On the matter of the absence of due diligence, around 51% of the respondents maintained that they have spent less than an hour collecting information and running background checks before investing. Such an approach has given rise to the perception that investing in meme coins is compared with gambling.
The overall summary of the survey indicates how and why there is a generalized negative perception regarding meme coins among crypto investors.
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