Memecoins
Galaxy Digital CEO says Meme Coins are a cornerstone of digital assets
Michael Novogratz, CEO of Galaxy Digital, once again underlined his support for meme coins, calling them a “cornerstone” of the digital assets sector.
This statement, made in a recent post on X, highlights Novogratz’s belief in the significant role of meme coins. However, not everyone shares Novogratz’s sentiments; people like Charlie Silver, CEO of Permission.io, have labeled meme assets as “dumb casino chips.”
The potential of meme coins
In a video shared on June 13 by Business Untitled, Novogratz elaborated on the investment potential of meme coins. He described two main ways to achieve substantial financial success in this niche market.
First, he explained that you need to have a good sense of humor. This lightens people’s mood and makes them love a particular meme coin. He illustrated this point with the example of his son-in-law, an enthusiastic meme coin investor.
Despite initial doubts about the legitimacy of investing in meme coins, Novogratz acknowledged his son-in-law’s impressive track record. He noted that Dogwifhat had reached a market value of $3 billion, largely due to its viral nature and humorous appeal.
According to Novogratz, the second strategy is to create a meme currency. This approach taps into the creative and entrepreneurial spirit of the crypto community. As a result, it offers potentially lucrative rewards for those who manage to develop a meme coin that captures the public’s interest.
Debate on innovation
Novogratz’s enthusiastic endorsement of meme assets is not universally accepted, meeting several criticisms from market participants.
One notable critic, Charlie Silver, CEO of Permission.io, says so openly He did not agree with the positive outlook of Novogratz. Silver dismissed meme coins as “stupid casino chips“, used primarily for speculative gambling rather than serious investments or technological advancements.
He further argued that the true cornerstone of the crypto economy has yet to emerge. He suggested that more substantive and transformative technologies will eventually define the foundations of the industry, not the fleeting popularity of meme coins.
Adding to the criticism, a pseudonymous crypto commentator, McGavin, described meme coins as “inefficient market activity.” This criticism highlights the belief that meme coins do not contribute significantly to overall market efficiency or growth cryptocurrency market.
They are instead seen as speculative and distracting projects that can distort market dynamics and mislead investors about the true potential of blockchain technology.
However, Novogratz and his supporters argue that these criticisms overlook the cultural and economic significance of meme resources. A recent one relationship by Galaxy Digital, published on June 3, supports this view by challenging the idea that meme coins are a fad.
The report states that the main purpose of meme coins has always been wealth creation. He points out that the concept of memes and the desire to make quick money are not new phenomena. In particular, they have long been part of human behavior and culture.
The Galaxy Digital report also highlights that the viral nature of memes has ensured their continued popularity and relevance. While they may seem fanciful, meme resources leverage powerful narratives that resonate with broad audiences.
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