- Bitwise CIO Matt Hougan will always support meme coin ETFs.
- Hougan believes that every investor should have a safe way to invest in meme tokens.
- The total market cap of the meme coin sector dropped to $41.140 billion in the past 24 hours.
Meme coin exchange-traded funds (ETFs) are expected to be the next big thing in the digital asset sector. In an interview with Tony Edward, the host of Thinking Crypto podcast, Matt Hougan, the CIO at Bitwise, talked about the possibility of such an investment product and their potential impact on crypto.
In the interview, Hougan talked on multiple topics including the possibility of the approval of meme coin ETFs in the near future. The Bitwise executive said that the ETFs may or may not “fit into the bitwise framework of the world” while adding that a lot of such investment products “just exist as trading tools and are widely adopted and widely used.”
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The approval of meme coin ETFs would bring additional capital in the meme coin sector and also increase the presence of the sector among traditional investors. Hougan said that people will eventually find an exposure to memecoins and it is better that they invest using an ETF than on “FTX.”
While Hougan did not confirm whether Bitwise would push for a meme coin ETF in the near future, he said he will support such products. He believes crypto enthusiasts interested in meme coins should have access to a “safe, secure, familiar ETF package.”
Meme Coin Sector has Printed Massive Gains Since Last Year
The meme coin market has outperformed major cryptocurrencies and blue-chip tokens, with Solana meme tokens leading the charge. Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), Brett (BRETT), and Popcat (POPCAT) have seen impressive gains.
Read also: Solana Daily Transaction Fees Hit Multi-Month Low as Meme coin Hype Fades
As per Coingecko data, the total market cap of the meme coin sector stands at $41.140 billion, down around 3.6% in the past 24 hours. Meanwhile, the total trading volume of meme cryptocurrencies is $3.835 billion. The sector is dominated by Dogecoin (DOGE) and Shiba (SHIB) with valuations of $14.8 billion and $7.8 billion, respectively.
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