Galaxy Digital CEO Michael Novogratz has praised memecoins as the “most powerful narratives out there”, but others in the crypto industry are less optimistic.
In a post on X, Michael Novogratz, CEO of Galaxy Digital, has renewed his endorsement of memecoins, referring to them as a “cornerstone” of the cryptocurrency industry.
However, not all individuals concur; some refer to them as “silly casino chips.”
In a video from Business Untitled that he posted on June 13, Novogratz declared that there are two methods to make fortunes in memecoin investing. He stated that these are the “most powerful narratives out there.” Consequently, individuals are making fortunes.
The initial method involves selecting the appropriate memecoin to invest in, according to saNovogratz.
He stated, “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 also mentioned that his son-in-law is involved in the space.
“Yes, my son-in-law is an exceptional meme investor. I was unaware of the existence of such a profession until I encountered him. He consistently generates profits and never sells. He is a fan of Doge and Dogwifhat,” he elaborated.
He also mentioned, “You know, Dogwifhat, the first time you see it, you just laugh; now it’s worth $3 billion.”
Novogratz suggests that the second method of profiting from memecoins is to “create one.”
It is in response to a report from Galaxy Digital on June 3, which has challenged the recent criticism that memecoins are merely a fleeting trend, given that their original purpose was to generate wealth.
“Some argue that this defect demonstrates that memecoins are temporary or will eventually disappear as individuals make and lose money.” It was noted, however, that memes and the desire to earn money fast have always existed.
Nevertheless, memecoins could have been better received by other crypto industry members.
“I am appalled to be at odds.” Memes Coins are merely frivolous casino coins. Charlie Silver, CEO of Permission.io, responded to Novogratz, “The cornerstone of the crypto economy has yet to emerge.”
McGavin, a pseudonymous crypto commentator, further stated that meme coins are inefficient market activities.