Galaxy Digital executive Mike Novogratz is convinced that Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and other memecoins will be around for a long time.
Memecoins as Cornerstone of Crypto Economy
Novogratz acknowledged memecoin’s position in the broader cryptocurrency sector, describing it as a cornerstone in the economy. He delved into how memecoins feature as one of the most powerful narratives in the markets amidst other financial assets.
According to Galaxy Digital, this category of digital assets on permissionless blockchains have an aggregate market capitalization of more than $60 billion.
Zack Pokorny, a research analyst at Galaxy Digital described memecoins as tokenized depictions of internet memes or other humorous events or concept.
“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,” He said in a research note.
Galaxy Digital’s perspective of memecoins, particularly its growth, is largely reflected in the current market outlook of the digital assets. Quite a number of memecoins with DOGE and SHIB inclusive, have demonstrated resilience in the present market trading cycle.
DOGE, SHIB And PEPE Records Whale Accumulation
A week ago, prominent crypto market analyst Ali Martinez shed light on the massive accumulatio
n of Dogecoin
