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Memecoins, often inspired by internet jokes or cultural phenomena, have been dismissed by many industry experts for their perceived lack of utility. However, Galaxy Digital CEO Mike Novogratz believes that these meme tokens have a strong narrative that captures investor attention beyond just humor.
“Memecoins – whether you’re a fan or not – have become a cornerstone of the crypto economy. In today’s market, they’re one of the most powerful narratives out there,” said Novogratz in a recent post on X, adding that memecoins on permissionless blockchains have a combined market capitalization exceeding $60 billion.
In an accompanying video, Novogratz also outlined two potential ways to profit from memecoins – one is to pick memes with humor and the second is to make memes.
He suggests that successful investors need a “quirky frickin’ sense of humor” to predict which memes will resonate with people and become successful investments.
The second way is for memecoin creators. Novogratz said that meme creators could make great profits by launching their own memecoins.
He also mentioned his son-in-law’s success with Dogwifhat and Doge. Initially skeptical of memecoin investing, Novogratz said he was surprised at his son-in-law’s success by simply holding these memecoins, suggesting a well-crafted meme can translate into financial gain.
“You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,” said Novogratz.
Novogratz’s bullish stance on memecoins faces industry pushback. Commenting on Novogratz’s post, Charlie Silver, CEO of Permission.io, said that memecoins are “just silly casino chips.” Silver believes the true foundation of the crypto economy is yet to be built.
Hate to disagree. Memecoins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge. It is the tokenization of real assets, not made up assets for gambling. Loans, derivatives, money market funds, real estate, art, real assets, that need liquidity…
— CharlieSilver.eth (@CharlieHSilver) June 12, 2024
Novogratz’s statements come amid the ongoing controversy surrounding celebrity memecoins. Many crypto figures have publicly shared their opinions about the movement.
Notably, Ethereum co-founder Vitalik Buterin criticized recent celebrity memecoins, like Iggy Azalea’s Mother Iggy (MOTHER). He argued that projects should prioritize societal value and user engagement over celebrity and early investor enrichment.
Despite skepticism from some industry leaders, memecoins like Daddy Tate (DADDY) have shown remarkable performance, with a 218% surge in the last 24 hours. However, analysts have recently warned of potential insider trading risks associated with both MOTHER and DADDY.
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