The two most popular meme coins for millionaire investors are Dogecoin and Shiba Inu.
While meme coins can soar in value for brief periods of time, they often crash back to earth, leaving investors empty-handed.
It’s a bit surprising, though, that these same investors are also adding meme coins to their portfolios.
According to the latest Motley Fool research, 86% of high-net-worth cryptocurrency owners have invested in a meme coin like Dogecoin or Shiba Inu.
So what’s going on here, and what might it mean for the way you construct your portfolio?
One plausible explanation is that these millionaire investors are simply looking to turbo-charge the performance of their portfolios.
After all, the most commonly cited reason for investing in crypto, according to the Motley Fool research, is the potential for strong returns.
By sprinkling in meme coins here and there, it’s theoretically possible to generate stratospherically high returns.
But since then, it’s all been downhill for Dogecoin.
It currently trades for a price of just $0.10, and even efforts by billionaire Elon Musk have failed to prop up the price of Dogecoin.
If you bought Dogecoin at the peak of its popularity in May 2021, then you’re down 86%.
An interesting development is the recent launch of meme coin exchange-traded funds (ETFs).
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