Galaxy

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 Pranav Kanade, the portfolio manager of the VanEck Digital Assets Alpha Fund, believes that memecoins could provide a blueprint for improving adoption in the crypto and web3 ecosystem. 
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In a <a href="https://x.com/vaneckpk/status/1843634440603423039?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1843634440603423039%7Ctwgr%5E78ff006807aac7c5372fef0383f7798cd77b4307%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fcrypto-founders-should-mimic-key-aspects-of-memecoins-vanecks-kanade-says%2F" rel="noopener noreferrer nofollow">recent X post</a>, Kanade emphasized that the viral nature of memecoins provides unique advantages for market engagement and widespread distribution, particularly among retail investors.
Kanade highlighted their strong product-market fit with retail investors and encouraged crypto entrepreneurs to draw lessons from memecoins’ appeal. He emphasised that simplicity, transparency, and alignment between project teams and token holders are crucial for achieving long-term success in the highly competitive crypto landscape.
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 “Many teams tend to over-engineer their tokens,”
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Kanade wrote, suggesting that crypto projects should aim for straightforward token designs and maintain a clear vision. He added that as the ease of launching tokens grows, competition for resources such as time, capital, and attention intensifies, making simplicity and transparency even more vital.
The VanEck portfolio manager also advocated for high token floats and low entry valuations, arguing that such measures can drive greater participation from retail investors. 
<blockquote>
 “We only get rich if we hit our goals and deliver products as promised,” 
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he stated, while also stressing the need for transparency in disclosing venture capitalists’ cost bases, an area where many projects fall short.
Memecoins have garnered significant attention, driven by their rapid rise in popularity and market value. Kanade’s views echo those of other prominent figures in the crypto space. In April, Paul Veradittakit of Pantera Capital <a style="color: #0000ff;" href="https://x.com/veradittakit/status/1778435836658512011?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1778435836658512011%7Ctwgr%5E78ff006807aac7c5372fef0383f7798cd77b4307%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fcrypto-founders-should-mimic-key-aspects-of-memecoins-vanecks-kanade-says%2F" rel="noopener noreferrer nofollow">emphasized </a>how memecoins capture attention and enable broad ownership distribution. Veradittakit noted that memecoin communities often leverage viral marketing campaigns, sometimes funding real-world promotions like a memecoin display on the Las Vegas Sphere.
According to Veradittakit, memecoins’ fungibility enables more extensive ownership distribution compared to non-fungible tokens (NFTs), potentially drawing new users to DeFi and the broader Web3 ecosystem.
Similarly, Michael Novogratz, CEO of Galaxy Digital, has been a<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/galaxy-digital-ceo-novogratz-champions-memecoins-amid-industry-skepticism/" rel="noopener noreferrer nofollow">n outspoken supporter of memecoins</a>. In a recent X post, he described them as one of the “most powerful narratives” in the crypto space. Novogratz even shared strategies for building wealth through memecoins, highlighting both selecting the right token and creating new ones as potential paths to success.
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The post <a href="https://defi-planet.com/2024/10/vanecks-pranav-kanade-sees-memecoins-successes-as-a-blueprint-for-crypto-and-web3-growth/" rel="noopener noreferrer nofollow">VanEck’s Pranav Kanade Sees Memecoins’ Successes as a Blueprint for Crypto and Web3 Growth</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

VanEck’s Pranav Kanade Sees Memecoins’ Successes as a Blueprint for Crypto and Web3 Growth

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