Galaxy Digital CEO thinks meme pieces have more to offer than laughs

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Meme pieces, often inspired by Internet jokes or cultural phenomena, have been dismissed by many industry experts due to their perceived lack of usefulness. However, Mike Novogratz, CEO of Galaxy Digital, believes that these meme tokens have a strong narrative that captures investors’ attention beyond simple humor.

“Meme coins – whether you’re a fan or not – have become a cornerstone of the crypto economy. In today’s market, they are one of the most powerful narratives,” Novogratz said in a recent job on X, adding that meme coins on permissionless blockchains have a combined market cap of over $60 billion.

In an accompanying video, Novogratz also outlined two potential ways to profit from coins: one is by choosing memes with humor and the second is by creating memes.

He suggests that successful investors need a “quirky sense of humor” to predict which memes will resonate with people and become successful investments.

The second way is for memecoin creators. Novogratz said meme creators could make big profits by launching their own coins.

He also spoke about his son-in-law’s success with Dogwifhat and Doge. Initially skeptical about investing in memecoins, Novogratz expressed surprise at his son-in-law’s success in simply holding memecoins, suggesting that a well-designed meme can result in financial gain.

“You know Dogwifhat, the first time you see him you laugh, now he’s worth $3 billion,” Novogratz said.

Novogratz’s bullish stance on meme coins is facing resistance from the industry. Commenting on Novogratz’s post, Charlie Silver, CEO of Permission.io, said that meme coins are “just stupid casino chips.” Silver believes that the real foundations of the crypto-economy have yet to be built.

Novogratz’s statements come amid the ongoing controversy surrounding celebrity coins. Many crypto figures have publicly shared their opinions on the movement.

Notably, Vitalik Buterin, co-founder of Ethereum critical recent celebrity coins, such as Iggy Azalea’s Mother Iggy (MOTHER). He argued that projects should prioritize societal value and user engagement over the enrichment of celebrities and early investors.

Despite skepticism from some industry leaders, meme coins like Daddy Tate (DADDY) have shown remarkable performance, rising 218% in the past 24 hours. However, analysts have recently warned of the potential risks of insider trading associated with both MOTHER And DAD.

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