Franklin D. Upton: Despite the lack of intrinsic value in meme coins, their soaring prices are strongly correlated with the growth of blockchain user wallets

The digital assets team at Franklin Templeton stated that despite the lack of intrinsic value proposition in meme coins, there is a strong correlation between their soaring prices and the growth of user wallets on the underlying blockchain. It is reported that meme coins may provide investors with opportunities for quick profits and have gone viral over the past year due to their unique nature. With the increase in trading activity of meme coins, active addresses on various blockchain networks also increased, including BONK on Solana and Avalanche Foundation's recognition of the value of meme coins.