Memecoins
Mike Novogratz says meme coins are good for the economy
Goffredo Beniamino
Mike Novogratz is bullish on meme coins and sees their long-term survival
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When Dogecoin (DOGE) made its appearance in 2013, not many people imagined that it could serve as the inspiration for a whole new asset class now known as meme coins. From Dogecoin to Shiba Inu (SHIB), Floki, PEPE and the thousands of related tokens in circulation, Mike Novogratz you think these goods are now part of the economy and aren’t going anywhere.
Growing relevance of meme coins
Mike Novogratz’s recent approach to meme coins reflects the paradigm shift this asset class has on the crypto ecosystem. The founder and CEO of Galaxy Digital noted that these meme coins have grown to become the cornerstone of the crypto economy.
He noticed that many people, including his son-in-law, are making fortunes by investing in meme coins. You said that investing in meme coins involves looking at an object and seeing whether or not it will make people laugh.
Novogratz featured dogwifthat (WIF), a Solana-based meme coin that has since seen its market capitalization rise to over $3 billion. The billionaire investor noted that, according to Galaxy Digital’s estimates, the meme coin market is close to $60 billion, with Dogecoin, Shiba Inu and PEPE dominating the arena.
Continuous transformation
That meme coins are the cornerstone of cryptoeconomics is not an exaggeration. Most meme coins are now making a crucial pivot from being fun tags to coins with unique utilities.
Shiba Inu it’s a great example. In recent years, it has added many features that now make it suitable as a payment method, boasts its own domain name service and also has its own layer 2 scaling solution, Shibarium.
In addition to Shiba Inu, Floki is also evolving at a very rapid pace, with the launch of TokenFi last year set to help it capture a sizable share of the tokenization market. Overall, meme coins are now so established that an inter-ecosystem collapse no longer seems possible.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.