According to Cointelegraph: American multinational investment firm, Franklin Templeton, has published an investor note discussing the potential of memecoins, stating that although they lack inherent value or utility, they could potentially offer swift financial gains.
Titled "The Value Between Meme Coins and Their Native Networks", the March 14 bulletin indicated that the price performance of memecoins is comparable to a meme going viral on the internet. It highlighted the appeal they've garnered due to their unique nature.
The report acknowledged that investing in memecoins requires little technical knowledge, they boast lower fees than mainstream cryptocurrencies, and they offer potential for quick profits, although they are subject to extreme price volatility.
The firm cited Dogecoin (DOGE), as the inaugural and current largest memecoin in terms of market capitalization and attributed DOGE's success to the creation of subsequent memecoins. The company mentioned that DOGE saw a 14% upswing to hit $0.189 following a comment from Tesla CEO Elon Musk about possibly accepting DOGE payments in the future.
Franklin Templeton also touched on its stance on memecoins, suggesting they have a significant relationship with their originating networks. The firm particularly pointed out the astronomical rise of Solana-based memecoin, BONK, which has surged over 5,700% in the past year.
The recent recognition of the potential of memecoins by Frankin Templeton, a firm managing trillions of dollars in assets, signifies the expanding acknowledgement of emerging crypto trends by traditional financial institutions.
