Galaxy Digital executive Mike Novogratz believes that memecoins such as #Dogecoin (DOGE), #Shiba Inu (SHIB), and #pepe have firmly established themselves in the cryptocurrency landscape and are likely here to stay for the foreseeable future.
Memecoins as a Cornerstone of the Crypto Economy
Novogratz highlights the significance of memecoins within the broader cryptocurrency sector, describing them as a cornerstone of the digital economy. He emphasizes the powerful narratives these tokens create in the markets, standing out among various financial assets.
According to Galaxy Digital, memecoins on permissionless blockchains boast a combined market capitalization exceeding $60 billion. Zack Pokorny, a research analyst at Galaxy Digital, explains that memecoins are tokenized representations of internet memes or other humorous events or concepts.
“The growth of memecoins builds on the monetary connection shared by holders of non-fungible token projects and suggests that communities, cultures, groups, and trends may increasingly rely on monetary instruments for cohesion and speculation,” Pokorny stated in a research note.
Galaxy Digital's perspective on memecoins and their growth aligns with the current market outlook. Several memecoins, including DOGE and SHIB, have shown resilience in the present market trading cycle.
Whale Accumulation of DOGE, SHIB, and PEPE
Recently, prominent crypto market analyst Ali Martinez highlighted significant accumulation of Dogecoin by large investors, or “whales.” Over five days, DOGE whales accumulated an impressive 200 million DOGE. Such activities often trigger positive performance for the underlying asset, prompting many investors to closely monitor the memecoin’s performance.
At the time of writing, DOGE was trading at $0.1455, reflecting a 5.49% increase in the past 24 hours. The whale activity has fueled expectations that DOGE's price could rise to $0.2. Similarly, a whale accumulated a substantial 600 billion SHIB coins from the crypto trading platform Robinhood. SHIB has shown bullish trends, with its price surging by 1.93% to $0.00002214. $DOGE
PEPE, another prominent memecoin, captured the crypto community's attention with a remarkable 6,000% growth over a year. A recent significant whale acquisition of 256 billion PEPE suggests a potential rally for the token’s price. PEPE is currently trading at $0.0000129, up 1.39% in the past 24 hours. $PEPE
Conclusion
Memecoins like DOGE, SHIB, and PEPE have demonstrated considerable resilience and growth, underscoring their staying power in the cryptocurrency market. Despite their erratic but often bullish performance, these tokens continue to play a vital role in keeping the market dynamic and engaging for investors. As large-scale accumulations by whales continue, the future looks promising for these quirky but impactful digital assets.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
