Founder of Galaxy Digital Meme Coin has become the cornerstone of the crypto economy

Founder of Galaxy Digital Meme Coin has become the cornerstone of the crypto economy

Founder of Galaxy Digital Meme Coin has become the cornerstone of the crypto economy

Founder and CEO of digital asset management company Galaxy Digital, Michael Novogratz, reiterated his support for memecoins and stated that these tokens are the “cornerstone” of the cryptocurrency industry. However, not everyone agrees with this view, as many still consider memecoins to be nothing more than “silly gambling chips.”

Novogratz, speaking on X platform, stated that in a recent episode of “Business Untitled,” he discussed two ways to make money investing in meme stocks or memecoins. The first method involves being able to pick the right memecoin to invest in, saying, “You have to have that quirky sense of humor about something and say, ‘People are going to laugh at this, people are going to like this.'”

Novogratz also mentioned that even his son-in-law is involved in this field, explaining, “You know Dogwifhat, the first time you see it, it just makes you laugh, but now it’s worth $3 billion in market value.”

He then went on to mention the second way to profit from memecoins, which is to create and launch memecoins.

In a report released earlier this month, Galaxy Digital challenged recent criticisms that memecoins are just a passing fad, considering that these coins were initially designed for wealth creation. Galaxy pointed out in the report that:

However, some individuals in the cryptocurrency industry do not support memecoins. CEO of Permission.io, Charlie Silver, replied to Novogratz’s tweet, expressing disagreement with his viewpoint and stating that “memecoins are just silly gambling chips, the foundation of the crypto economy has yet to emerge.” Anonymous cryptocurrency commentator McGavin also stated that memecoins are inefficient market activities.