Memecoins are a ‘cornerstone’ of crypto: Galaxy’s Novogratz

The NFT Unicorn 42526a3e-5acb-439d-91c6-fe73fee29da7 Memecoins are a ‘cornerstone’ of crypto: Galaxy’s Novogratz Crypto News

Galaxy Digital CEO Michael Novogratz has reiterated his support for memecoins, calling it a “cornerstone” of the cryptocurrency industry in a post on X. 

Not everyone agrees though, with many still labeling them as just “silly casino chips.”

“So people are making fortunes and there are two ways to make fortunes in memecoin investing,” Novogratz said a video from Business Untitled which he posted on June 13, whdeclaring that they are the “most powerful narratives out there.”

The first way is being able to pick the right memecoin to invest in, says Novogratz.

“One is to have that one quirky frickin ‘sense of humor and say ‘people are going to laugh at that, people are going to love that,’” he said, adding that even his son-in-law is involved in the space.

“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he explained.

“You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,” he added.

Dogwifhat is down 24.81% over the past seven days. Source: CoinMarketCap

The second way to profit off memecoins is to “create one,” according to Novogratz.

It follows an report from Galaxy Digital on June 3 challenging recent criticism that memecoins are just a passing trend, given that their initial goa was wealth creation.

“Some say this is a flaw that shows memecoins are temporary or will fizzle out as people make and lose money. However, as we’ve noted, memes have always existed, as has the desire to earn money quickly,” it noted.

Related: Solana-memecoin ‘GME’ explodes 150% ahead of Keith Gill’s YouTube return

However, others in the crypto industry weren’t so supportive of memecoins.

“Hate to disagree. Memes Coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge,” Permission.io CEO Charlie Silver replied to Novogratz.

“Meme coins are inefficient market activities,” added pseudonymous crypto commentator McGavin.

Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters

Source: Cointelegraph