Memecoins
Memecoins like DOGE, SHIB and PEPE have come to stay
Galaxy Digital executive Mike Novogratz is convinced of this Dogemoneta (DOGE), Shiba Inu (SHIB), PEPE and other memecoins will be around for a long time.
Memecoins as the cornerstone of cryptoeconomics
Novogratz recognized memecoin’s position in the broader cryptocurrency industry, describing it as a cornerstone of the economy. He delved into how memecoins represent one of the most powerful narratives in the markets among other financial assets.
According to Galaxy Digital, this category of digital assets on permissionless blockchain has an aggregate market capitalization of more than $60 billion.
Zack Pokornya research analyst at Galaxy Digital described memecoins as tokenized representations of internet memes or other humorous events or concepts.
“The growth of memecoins is based on the monetary connection shared by holders of non-fungible token projects and suggests that communities, cultures, groups and trends may increasingly rely on monetary tools for cohesion and speculation,” he stated in a research note.
Galaxy Digital’s memecoin outlook, especially its growth, is largely reflected in the current digital asset market outlook. A good number of memecoins with DOGE and SHIB included have demonstrated resilience in the current market trading cycle.
DOGE, SHIB and PEPE record the accumulation of whales
A week ago, prominent cryptocurrency market analyst Ali Martinez shed light on the massive accumulation of Dogemoneta
by large investors, also known as “whales” in the cryptocurrency market.
Within five days, DOGE whales he has accumulated as many as 200 million DOGE. More often than not, such activities trigger a positive performance of the underlying asset. With this positive sentiment in mind, several investors are starting to closely track the memecoin’s performance.
At the time of writing, DOGE was trading at $0.1455 with an increase of 5.49% in the last 24 hours. Expectations are that these whale activities will drive DOGE price at $0.2
. Similar activity was discovered on SHIB while a whale has accumulated as many as 600 billion coins from the famous cryptocurrency trading platform Robinhood. The price of the dog-themed memecoin also shows an uptrend with an increase of 1.93%. Precisely, Shiba Inu is trading at $0.00002214.
PEPE was one of the memecoins that sent the entire crypto ecosystem into a frenzy with growth of up to 6,000% in a year. Recently, a significant whale acquisition of 256 billion Pepper suggests a potential upside in the token’s price. The token is now trading at $0.0000129 with an increase of 1.39% in the last 24 hours. Overall, these cryptocurrency categories have kept the market afloat with their erratic but bullish growths.
To know more: Riot Platforms takes 13% stake in Bitfarms to foil hostile takeover