Over One in Five Russians Trade Meme Coins, Survey Finds

More than one in five Russians trade or hold meme coins, a new survey has found, as the popularity of “hype”-generated tokens spreads globally.

Per the media outlet Gazeta.ru, the survey of 3,000 Russians aged 18 to 60 was conducted by the financial services provider Vyberu.

21% of Russians Trade Meme Coins

The firm found that 21% of respondents said they either hold meme coins or have traded them in the past.

And it also found that 15% of survey respondents said they had bought meme coins because of the “hype” surrounding them.

The data showed that 4% of respondents said they had bought meme coins to “make a quick profit.” However, 2% of the respondents said they invest these coins “to support project creators.”

Most of those who said they had bought meme coins said they thought the tokens had good “growth potential.”

But 23% of token buyers said they were attracted to the coins’ “cultural or satirical aspects.”

And 6% said they thought that meme coins’ vibrant communities and “fan bases” had drawn them to meme coins.

The survey also found that a quarter of Russians think that launching a meme coin is “an effective marketing move.”

Just under half, however, said they thought meme coins were a “temporary phenomenon” and a social media trend.

There’s Donald Trump the crypto champion. Then there’s Trump the memecoin, which created billions of dollars of instant paper wealth but earned sharp rebukes even from the industry https://t.co/EKhJUvB0cu

— Bloomberg Markets (@markets) January 21, 2025

Reputation Concerns?

While a quarter of respondents said they thought this type of coin would help bring more new investors to the crypto markets, 5% said meme coins “have a negative impact on the crypto market’s reputation.”

Yaroslav Badzhurak, Vyberu’s Executive Director, said that meme-themed coins now “account for a significant share of the crypto market cap. And this, he said, is now “actively influencing market dynamics.”

“Their growth is due to mass interest supported by social media networks. This helps attract new investors. Meme coins can be an entry point for beginners, expanding the audience of the crypto market.”

Yaroslav Badzhurak, Executive Director, Vyberu

Capital Redistribution

However, Badzhurak warned that “sharp price jumps and volatility” can “create risks for market stability.”

“The popularity of meme coins leads to the redistribution of capital from more stable assets. And it increases the load on blockchain networks, increasing fees in the process.”

Badzhurak

Earlier this month, the Russian security provider FACCT issued a meme coin warning.

It said that $TRUMP and $MELANIA meme coin holders should beware of fraudsters who have created over a dozen phishing sites that target their crypto wallets.