Memecoins are the ‘Cornerstone’ of Crypto — Galaxy Novogratz.
Galaxy Digital CEO Michael Novogratz reiterated his support for memecoins, calling it a “cornerstone” of the cryptocurrency industry in a post on X.
While many still label them “dumb casino chips,” not everyone agrees.
“So people are getting rich and there are two ways to get rich in memecoin investment,” Novogratz said in an Untitled video posted on June 13, explaining that they are “very powerful narratives out there.”
The first way is to be able to choose the right memecoin to invest in, says Novogratz.
“One is to have that one comic take a joke and say, ‘People laugh at that, people love that,'” he said, adding that even his son-in-law gets involved in the space.
“Yes, father-in-law is a very good investor, I didn't think there would be such a thing until I met the man, and he is only making money, he never sells, he loves Doge, he loves Dogwifehat. He explained.
He added: “You know Dogwiff, the first time you see it you laugh, it's worth $3 billion now.”
According to Novogratz, the second way to profit from memecoins is to “create one”.
Following a June 3 report from Galaxy Digital that challenges recent criticism that memecoins are just a passing trend, their primary goal is to create wealth.
“Some say this is a flaw that memecoins are temporary or disappear when people make and lose money. However, as we've seen before, memes will always exist, as will the desire to make quick money.”
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However, others in the crypto industry have not been a fan of memecoins.
“Hate to disagree. Memes are just coins and stupid gambling chips. The cornerstone of the crypto-economy is yet to emerge,” Permission.io CEO Charlie Silver replied to Novogratz.
“Memcoins are inefficient market movements,” added crypto analyst McGavin.
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