Memecoins
Memecoins like DOGE, SHIB and PEPE have come to stay
Mike Novogratz, director of Galaxy Digital, is convinced that Dogecoin (DOGE), Shiba Inu (SHIB), PEPE and other memecoins will exist for a long time.
Memecoins as a cornerstone of the crypto economy
Novogratz recognized Memecoin’s position in the broader cryptocurrency sector, describing it as a cornerstone of the economy. He explained how memecoins constitute one of the most powerful narratives in the markets among other financial assets.
According to Galaxy Digital, this category of digital assets on permissionless blockchains has an aggregate market capitalization of over $60 billion.
Zack PokornyA research analyst at Galaxy Digital described memecoins as symbolic representations of Internet memes or other humorous events or concepts.
“The growth of memecoins builds on the monetary nexus shared by holders of non-fungible token projects and suggests that communities, cultures, groups and trends can increasingly rely on monetary instruments for cohesion and speculation,” he said in a research note.
Galaxy Digital’s views on memecoins, especially its growth, are largely reflected in the current outlook for the digital asset market. A number of memecoins, including DOGE and SHIB, have shown resilience in the current market trading cycle.
DOGE, SHIB and PEPE record whale accumulation
A week ago, prominent crypto market analyst Ali Martinez highlighted the massive accumulation of Dogecoin
by large investors, also known as “whales” in the crypto market.
In the space of five days, DOGE whales accumulated a whopping sum of 200 million DOGE. Most often, these activities trigger positive performance of the underlying asset. Given this positive sentiment, several investors are starting to closely follow the memecoin’s performance.
At press time, DOGE was trading at $0.1455 with an increase of 5.49% in the last 24 hours. These whale activities are expected to lead DOGE price at $0.2
. Similar activity was discovered on SHIB as a whale, he accumulated 600 billion coins from the popular cryptocurrency trading platform Robinhood. The dog-themed memecoin price is also showing bullish trends with an increase of 1.93%. Precisely, Shiba Inu is trading at $0.00002214.
PEPE was one of the memecoins that threw the entire crypto ecosystem into a frenzy with growth of up to 6,000% in a year. Recently, a major acquisition of whales worth 256 billion Pepe suggests a potential rally for the token’s price. The token is now trading at $0.0000129 with an increase of 1.39% in the last 24 hours. In general, these categories of cryptocurrencies have kept the market afloat with their erratic but bullish growth.
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