Michael Novogratz, CEO of Galaxy Digital, has once again expressed strong support for memecoins, describing them as a fundamental part of the cryptocurrency world.
In a post on X, he emphasized their significance, calling them the “most powerful narratives out there.”
Novogratz shared a video on June 13 from Business Untitled, in which he discussed how people can amass wealth through memecoins. He highlighted two primary strategies: picking the right memecoin to invest in and creating a new one.
“People are making fortunes in memecoin investing through two main strategies,” Novogratz stated in a video from Business Untitled, which he shared on June 13. He emphasized that memecoins are the “most powerful narratives out there.”
Novogratz explained that the first strategy for profiting from memecoins is choosing the right one to invest in.
“You need to have a quirky sense of humor and predict what people will find amusing and endearing,”
he said.
He also mentioned that his son-in-law, a successful meme investor, consistently makes money by holding onto his investments.
“He never sells. He loves Dogecoin and Dogwifhat,”
Novogratz added.
“You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,”
he added.
The second way to profit off memecoins is to “create one,” according to Novogratz.
Profiting off memecoins means making money by investing in or creating cryptocurrency tokens based on internet memes. Investors profit by trading memecoins that become popular and rise in value or launching new ones that attract significant attention.
However, this view is not universally accepted within the crypto community.
Pseudonymous crypto commentator McGavin noted,
“Meme coins are inefficient market activities.”
“Over the long run I think the other things will drown out all this shit and it ultimately will become irrelevant. The only reason there is a trade here is because there is attention here. Overtime this will weaken”,
he added.
These differing opinions follow a report from Galaxy Digital on June 3, which defended memecoins against recent criticisms by pointing to their role in wealth creation.
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