Michael Novogratz, founder and CEO of digital asset management company Galaxy Digital, reiterated his support for memecoins and wrote that the tokens are the "cornerstone" of the cryptocurrency industry. However, not everyone agrees with this view, and many still believe that meme coins are just “stupid casino chips.”
Novogratz said on the X platform:
“Meme coins—whether you’re a fan or not—have become a cornerstone of the cryptocurrency economy… They are one of the most powerful narratives in today’s market.”
In a recent episode of Business Untitled, Novogratz mentioned two ways to make a fortune investing in meme stocks or meme coins. The first way is to be able to pick the right meme coins to invest in, saying: “ One is to have that quirky sense of humor and look at something and think, 'People are going to laugh at this, people are going to like this.'"
Novogratz also said that even his son-in-law is involved in the field, explaining:
"Yeah, my son-in-law is a great meme investor, I didn't think there was such a thing until I met this guy...he just keeps making money, he never sells, he loves dogs Doge, he likes Dogwifhat.”
He added: "You know Dogwifhat, the first time I saw it it was just a laugh, but now it's worth $3 billion."
Novogratz went on to mention that the second way to profit from memecoins is to create and launch them.
In a report published earlier this month, Galaxy Digital challenged recent criticism that meme coins were a short-lived fad, given their original goal of wealth creation. Galaxy noted in the report:
“Some say this is a flaw, suggesting that meme coins are temporary or will fade away as people make and lose money. However, as we have pointed out, memes have always existed, and so has the desire to make money quickly. "
However, some in the cryptocurrency industry are not so supportive of meme coins. Permission.io CEO Charlie Silver responded to Novogratz’s tweet saying that he disagreed with his view and believed that “meme coins are just stupid casino chips and the cornerstone of the crypto economy has not yet emerged.” McGavin, an anonymous cryptocurrency commentator, said that meme coins are inefficient market activities.
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This article Galaxy Digital founder: Meme coins have become the cornerstone of the crypto economy first appeared on Zombit.
