Silver

Galaxy

Galaxy Digital CEO Michael Novogratz has reiterated his support for memecoins, calling it a “cornerstone” of the cryptocurrency industry in a post on X.&nbsp;
Not everyone agrees, though, with many still labeling them as just “silly casino chips.”
“So people are making fortunes and there are two ways to make fortunes in memecoin investing,” Novogratz said a&nbsp;<a href="https://x.com/novogratz/status/1800945105492177352" target="_blank" rel="noopener nofollow">video</a> from Business Untitled, which he posted on June 13, declaring that they are the “most powerful narratives out there.”
The first way is being able to pick the right <a href="https://cointelegraph.com/news/base-memecoin-project-normie-fires-intern">memecoin to invest in</a>, says Novogratz.
“One is to have that one quirky frickin sense of humor and say ‘people are going to laugh at that, people are going to love that,’” he said, adding that even his son-in-law is <a href="https://cointelegraph.com/learn/what-is-an-altcoin-a-beginners-guide-to-cryptocurrencies-beyond-bitcoin">involved in the space</a>. 
“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he explained.
“You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,” he added.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/0e361321-5755-405a-a5ba-d4d9e32ade4d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Dogwifhat is down 24.81% over the past seven days. Source: CoinMarketCap
 </figcaption>
</figure>
The second way to <a href="https://cointelegraph.com/learn/altcoin-exchange-101-a-comprehensive-guide-on-how-to-buy-and-sell-altcoins">profit off memecoins</a> is to “create one,” according to Novogratz.
It follows a&nbsp;<a href="https://www.galaxy.com/insights/research/the-evolution-of-memes-and-their-place-on-blockchains/" target="_blank" rel="noopener nofollow">report</a>&nbsp;from Galaxy Digital on June 3&nbsp;challenging recent criticism that memecoins are just a passing trend, given that their initial goal was wealth creation.
“Some say this is a flaw that shows memecoins are temporary or will fizzle out as people make and lose money. However, as we’ve noted, memes have always existed, as has the desire to earn money quickly,” it noted.
Related: <a href="https://cointelegraph.com/news/solana-memecoin-gme-150-keith-gill-youtube-return">Solana-memecoin 'GME' explodes 150% ahead of Keith Gill's YouTube return</a>
However, others in the crypto industry weren’t so <a href="https://cointelegraph.com/news/andrew-tate-daddy-memecoin-allegations-insider-activity">supportive of memecoins</a>.
“Hate to disagree. Memes Coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge,” Permission.io CEO Charlie Silver <a href="https://x.com/novogratz/status/1800945105492177352" target="_blank" rel="noopener nofollow">replied</a> to Novogratz.
“Meme coins are inefficient market activities,” <a href="https://x.com/NFT_Shooter/status/1801086912293212409" target="_blank" rel="noopener nofollow">added</a> pseudonymous crypto commentator McGavin.
Magazine: ‘<a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/">Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

Memecoins are a ‘cornerstone’ of crypto — Galaxy’s Novogratz

Cointelegraph

Other articles published on Jun 13, 2024

Helio revamps crypto payments for Shopify with Solana Pay

Microstrategy stock in focus as it eyes more BTC purchases – What next?

BlockDAG X1 Miner Beta App Thrills Crypto Community with $49.2M Presale Surge; Arweave and Optimi...

Gary Gensler: Ethereum ETFs likely approved by end of summer

UwU Lend Suffers Second Exploit in a Week, Losing $3.7 Million

Bitcoin vs. Gold: Fidelity’s Top Analyst Sheds Light On The Future Of Wealth Storage

Join our free newsletter for daily crypto updates!