Galaxy Digital CEO, Michael Novogratz, has expressed unwavering support for memecoins, labeling them a pivotal element of the cryptocurrency industry, despite the scepticism exhibited by some industry counterparts who view them as merely “silly casino chips”. Novogratz detailed two strategies by which fortunes can be made in the memecoin market. First, he highlighted the importance of selecting the correct memecoin for investment, a decision often driven by novelty and humor. This point was exemplified by his son-in-law’s successful foray into the space with his investments in Doge and Dogwifhat. He further revealed that Dogwifhat has now reached a value of $3 billion.
The second route to success in the memecoin industry according to Novogratz, is to create one. This assertion aligns with a report completed by Galaxy Digital earlier this month which defends the memecoin industry against accusations that they’re simply a fleeting trend and asserts their capacity for wealth creation.
Contrary to the support shown by Novogratz and Galaxy Digital, other individuals in the sector remain skeptical. Permission.io CEO Charlie Silver opined that memecoins are merely “silly casino chips” and that the linchpin of the crypto economy has not yet surfaced. An anonymous crypto commentator, McGavin.1 expressed that he views memecoins as an inefficient market activity.