Meme coins like Dogecoin

DOGE/USD and Shiba Inu SHIB/USD are now being credited for another purpose besides providing speculative trading opportunities. A new report by Gemini suggests that meme coins are acting as powerful entry points into the broader cryptocurrency economy.

According to Gemini’s Crypto Vivid, a survey of 20,000 individuals across 20 countries by Springboard on behalf of Gemini, a significant share of crypto adopters first engaged with digital assets through meme coins before branching out into other areas like NFTs, DeFi and stablecoins.

“Our analysis suggests that meme coins may be fulfilling their purpose as an ramp for newcomers to enter the broader crypto ecosystem,” the report stated.

Solana's SOL/USD blockchain is also benefitting from being the blockchain infrastructure that powers meme coins, the report observed.

"Among those who started with meme coins, 72% also bought NFTs, and 66% bought stablecoins, suggesting strong crossover behavior into more utility-driven asset classes."

The meme coin adoption trend is especially notable among younger investors and men, as they are more likely to have purchased meme coins, signaling that the appeal of meme-based assets may align with a generation that is both digitally native and risk-tolerant.

Meme coins have also been purchased by 44% of experienced crypto users, further supporting the idea that meme coin investing is not exclusive to novices but is part of wider portfolio experimentation.

While meme coins like Dogecoin and Shiba Inu have captured the attention of retail investors for their potential gains and online community aspect, they are often viewed as speculative assets.

However, Gemini’s report highlights how these meme coins can play a role in engaging new users in the broader crypto landscape.