To meme or not to meme

: the personality traits behind crypto interest & meme coin investments

Abstract

The era of cryptocurrencies began over a decade ago and is slowly making its way through society. Especially meme coins are the rising star within alternative investments, as they promise high returns. However, these altcoins also come with great risks: high volatility, no fundamental real-world application, and high susceptibility to scams. This calls into question the drivers behind investments in these assets. Therefore, this study employed a quantitative correlational survey (N = 202) to investigate the relationship between the personality traits of openness to experience, conscientiousness, agreeableness, and extraversion and meme coin investments. Furthermore, it explored whether this relationship is mediated by an individual9s interest in cryptocurrencies. The findings indicate that openness and extraversion exhibit a significant positive relationship with the decision to invest in meme coins, though not with the amount invested. For both, this relationship is significantly mediated by interest in cryptocurrencies. On the other hand, conscientiousness and agreeableness show a significant negative relationship with meme coin investment. While this relationship is mediated through interest in cryptocurrencies for agreeableness, conscientiousness acts independently of interest. These findings complement existing literature within financial psychology and the cryptocurrency domain, highlighting the differences in investment decisions for niche assets like meme coins. Furthermore, they can help financial managers and investment platforms protect clients from making risky investments through behavioral insights. Overall, the study provides new insights into the psychological foundations of financial risk-taking in the context of speculative niche markets.

Date of Award	15 Oct 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Cristina Soares Pacheco Mendonça (Supervisor)