23% of Gen Zs are investing in memes like Dogecoin, and only 9% in NFTs.
Young, new crypto investors are investing actively in meme cryptocurrencies like Dogecoin. It looks like the meme crypto is Gen Z’s investment choice.
In the past few months, meme narratives have sprung up the crypto space enormously. The meme sector commands over 3.43% of the entire crypto market cap and it is amounted to more than $70 billion as of now.
Dogecoin is the best option
The study interviewed around 872 people about their investment strategies. This is to explore how different generations invest in financial markets.
The percentage of the respondents are as follows:
|24%||Gen Zers||Born between late 1990-early 2010s|
|27%||Millennials||Born between 1980 – 1995|
|25%||Gen Xers||Born in mid 1960s to early 80s|
|24%||Baby Boomers||Born after wars until 1960s|
In total, a quarter of respondents admitted to investing oftenly and stated that it was a relatively popular activity, for only 12% said that they rarely do it. Gen Zers can’t get enough of the activity, with more than 28% saying that they were investing consistently.
55% of the Gen Zers said that they were investing mainly in the stock market against the 46% who stated they acquired long-term crypto bets. Remarkably, 23% say they actively invested in ‘memes.’
16% of Gen Xers stated that they trifled in memecoins, while 7% of the baby boomers said they invested in memes.
NFT loses its charm
Just 9% of the respondents stated they made investments in digital ‘collectibles’ or NFTs, with other generations – 7% millennials, 2% Gen Xers and 3% Baby Boomers – investing less.
The weak interest in NFTs will be the decline of the sector. Latest sales data show that NFT prices fall and there are fewer overall takers for the new age technology. It seems that 2020’s NFT frenzy could be fake.
As such, Gen Zers were less likely to invest in NFTs but to invest in clothing and sneakers rather. Gen Z’s investment choice falls on to meme cryptocurrencies.
Social media influenced investing
Gen Z’s investment habits have been influenced by Reddit, Twitter and other social media platforms. The older generations got their influence from magazines, newspapers, and TV.
Gen Zers seem to invest mainly in typical/traditional/common assets, but they are more likely to invest in cryptocurrencies, meme investments, currencies, and NFTs.
The main reason for Gen Z and millennials for investing are as follows:
|48%||To save for the future|
|49%||To make a modest amount of money|
|28%||To “play the game”|
|22%||To “fight back against institutional investors”|
|14%||It is their way of gambling|
Which generation are you? Where will you be investing?
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