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To the moon with Dogecoin! Disentangling the causalities behind extrinsic and intrinsic motivations for memecoin investments

Eduard Anton; Markus Aptyka; Thuy Duong Oesterreich; Frank Teuteberg
In: Journal of Decision Systems, Vol. 0, Pages 1-35, Taylor & Francis, 2024.


Situated at the intersection of traditional finance and the rapidly evolving meme economy, memecoins present a compelling case for analysing investment motivations. Employing structural equation modeling, this research analyzes data from n = 153 participants experienced in cryptocurrency or stock market investments. Insights from motivational and social support theories help elucidate the relationship between perceived economic value and intrinsic investment factors. Results highlight that perceived economic value enhances the enjoyment of investing. Furthermore, social support influences perceptions of memecoins’ economic value, while perceived ease of investment affects only investment enjoyment, without significant impacts on economic value or investment intentions. This study enriches understanding in the nascent memes and finance field, offering empirical insights to guide future research and policy.