Memecoins
Mike Novogratz: Memecoins, a crypto godsend
Fri June 14, 2024 ▪ 3 min read ▪ by Mikaia A.
The rise of cryptocurrencies is sparking divergent opinions in the financial world. Some see these altcoins as a speculative bubble, while others, like Mike Novogratz, see them as real added value for the crypto industry.
Memecoins: a pillar of the crypto-economy according to Mike Novogratz
Recently, Vitalik Buterin, the co-founder of Ethereum, also drew attention to memecoins, but with a tone of alarm. He is concerned about the excesses and risks associated with these tokens, highlighting the need for increased regulation.
That hasn’t stopped Novogratz, founder and CEO of Galaxy Digital, from remaining optimistic, saying that altcoins like Dogecoin and Shiba Inu continue to dominate the market with an impressive market capitalization.
According to this prominent crypto personality, the memecoin market is worth more than $60 billion. Tokens like Dogwifhat (WIF), based on Solana, demonstrate the phenomenal growth of this asset class, reaching a market capitalization of over $3 billion.
Mike Novogratz is emphatic: memecoins are here to stay. He sees them as a cornerstone of the modern crypto economy.
“Memecoins – whether you’re a fan or not – have become the cornerstone of the cryptocurrency economy,” he said.
For Novogratz, the survival and evolution of these crypto memes are indisputable. He often cites the example of his own son-in-law, who made his fortune investing in these assets.
A transformation in progress
Coins are no longer just fun tokens. They are evolving towards currencies with unique utilities, note U°Today.
Shiba Inufor example, has integrated various features, becoming a viable payment method, with its own domain name service and layer 2 scaling solution, Shibarium.
Flokianother rapidly expanding memecoin, aims to capture significant market share in tokenization through initiatives like TokenFi.
These transformations show that memecoins are well established in the cryptoeconomy. A collapse of this ecosystem now seems unlikely because of their deep integration and ever-evolving utility.
In summary, memecoins continue to generate enthusiasm among investors and experts, confirming their place in the modern financial landscape despite the the risks they represent.
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Mikaïa A.
The blockchain and crypto revolution is underway! And the day when the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.