- Michael Novogratz calls memecoins a “cornerstone” of the crypto economy, highlighting their powerful market narratives.
- Two profit paths in memecoins: investing in the right ones or creating new ones, as exemplified by Dogecoin and Dogwifhat.
- Critics argue memecoins lack intrinsic value, viewing them as speculative assets akin to “silly casino chips.”
Galaxy Digital CEO Michael Novogratz has expressed strong support for memecoins, asserting they are fundamental to the cryptocurrency industry. On June 13, he posted on X, calling them a “cornerstone” of the crypto economy and describing them as one of the “most powerful narratives” in the market today. However, this view is not universally accepted within the industry.
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Two Paths to Profit in Memecoins
Novogratz highlighted two primary ways to achieve financial success with memecoins. The first method involves selecting the right memecoin to invest in, often relying on a keen sense of humor and market sentiment. He shared an anecdote about his son-in-law, a successful meme investor who profits from his investments in popular coins like Dogecoin and Dogwifhat.
“You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,” Novogratz commented, emphasising the unpredictable yet lucrative nature of these investments.
The second method, according to Novogratz, is creating a memecoin. He mentioned that the initial aim of memecoins was wealth creation, a goal that remains relevant as people continue to capitalise on the trend.
Industry Criticism and Debate
Not all members of the crypto community support Novogratz’s optimism, as critics argue that memecoins lack intrinsic value and are merely speculative assets. Charlie Silver, CEO of Permission.io, voiced his disagreement, stating, “Memes Coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge.”
Additionally, pseudonymous crypto commentator McGavin labeled memecoins as “inefficient market activities,” reflecting a broader skepticism among industry insiders about the long-term viability of these digital assets.
Galaxy Digital recently published a report defending memecoins against criticism, asserting their role in wealth creation is neither new nor fleeting. The report noted, “Memes have always
existed, as has the desire to earn money quickly.” This perspective aligns with Novogratz’s view that memecoins will continue to play a significant role in the crypto economy.
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