Memecoins Could Be The Cornerstone of Crypto Space; Here Is Why
The post Memecoins Could Be The Cornerstone of Crypto Space; Here Is Why appeared on BitcoinEthereumNews.com.
On June 13, Michael Novogratz, the CEO of Galaxy Digital came in support of memecoins, and declared them as the ‘cornerstone’ of the crypto industry. The rising popularity of meme tokens and expansion, made them the “most powerful narratives out there.” Why Mike Novogratz is Bullish on Memecoins Joke-turned-asset, memecoins have expanded their roots in the world of finance and cryptocurrency. Picking the right meme token is all an individual needs to make investments, Novogratz’s X post states. “Created to make people laugh, meme tokens are strengthening their presence as meme stocks, meme crypto, and investment”, Novogratz said. Memecoins – whether you’re a fan or not – have become a cornerstone of the crypto economy… In today’s market, they’re one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi — Mike Novogratz (@novogratz) June 12, 2024 The CEO of Galaxy Digital also cleared that his son-in-law is also a meme investor and actively involved in the space. While emphasizing on Dogwifhat meme token, Novogratz unveiled that the particular token holds over $3 Billion in market cap. Moreover, the entire meme tokens on permissionless blockchain hold $60 Billion in market cap. According to him, another smart way to make profits out of meme tokens is to ‘create one’ and also appreciated Galaxy Research and Zack Pokorny for their detailed research on memecoins. The Galaxy Research report documented that the viral nature and relatability made meme tokens a giant player in the crypto market. There is a wide range of meme tokens like Byte (BYTE), Wownero (WOW), and GameStop (GME) which showcased outstanding performance last week. Some Trending Memecoins of the Week According to CoinmarketCap data, BYTE, GME, and WOW are the top three trending meme…
Filed under: News - @ June 13, 2024 5:24 pm