Memecoins
Mike Novogratz highlights the longevity of SHIB, DOGE, and PEPE memecoins in the cryptocurrency market
Galaxy Digital’s Mike Novogratz says the SHIB, DOGE, and PEPE memecoins will maintain their relevance, underscoring their role in cryptocurrency.
Economic importance of Memecoins
Galaxy Digital executive Mike Novogratz is confident that cryptocurrency memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), PEPE and others will continue to exist for a considerable time.
Memecoin’s position within the major cryptocurrency sector was recognized by Novogratz, who called it a critical component of the American economy.
In the context of other financial assets, he analyzed how memecoins are considered one of the most influential narratives in the market.
Evaluation of the Memecoin market
According to Galaxy Digital, the total market valuation of this category of digital assets stored on permissionless blockchains is more than sixty billion dollars.
Second Zack Pokornyresearch analyst at Galaxy Digital, “Memecoins” are tokenized representations of online memes or other humorous events or concepts.
In a research note, he noted: “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.”
Currently, the market forecast for memecoins reflects Galaxy Digital’s view on digital assets, especially their growth. Several memecoins, such as DOGE and SHIB, have shown remarkable durability in the current market trading cycle.
Investor interest and whale activity
As reported by CoinapeLeading cryptocurrency market researcher Ali Martinez recently revealed that “whales” have significantly accumulated Dogecoin in the cryptocurrency market.
DOGE whales accumulated 200 million DOGE in five days. Such efforts usually improve asset performance. Given this optimism, many investors have begun tracking the memecoin’s success. At the time of writing, DOGE was trading at $0.1455, up 5.49% in 24 hours. Whale activity is expected to push DOGE to $0.2.
Identical behavior was discovered on SHIB when a whale amassed 600 billion coins via the popular cryptocurrency exchange and trading platform Robinhood. The price of the dog-themed memecoin also increased, equal to 1.93%. Shiba Inu trades at $0.00002214.
PEPE, one of the memecoins that kicked off the crypto economy, grew by 6,000% in a year. The price of the token may increase after the 256 billion acquisition of PepeWhile. The token rose 1.39% to $0.0000129 in 24 hours.
These types of cryptocurrencies have, for the most part, kept the market afloat thanks to their volatile but positive price increases.