Franklin D. Upton: Meme coins may offer investors a quick profit opportunity

Franklin Dumptun's digital asset team stated in a report this week that although Meme coins have no intrinsic value proposition, there is a "close relationship" between their soaring prices and the growth of user wallets on the underlying blockchain. Such tokens may provide "opportunities for investors to make quick profits" and have gone viral over the past year due to their unique nature. The report found that active addresses on various blockchain networks are growing with the surge in meme coin trading activity on these specific chains. Last year, the crypto market saw parabolic growth of various Meme tokens, among which Solana-based BONK in Q4 2023 was most notable. Solana's daily active user address increased by 75% month-on-month.