{"id":22751,"date":"2024-06-13T14:30:16","date_gmt":"2024-06-13T11:30:16","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22751"},"modified":"2024-06-13T14:28:45","modified_gmt":"2024-06-13T11:28:45","slug":"memecoins-are-the-cornerstone-of-crypto-galaxys-novogratz","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/memecoins-are-the-cornerstone-of-crypto-galaxys-novogratz\/","title":{"rendered":"Memecoins are the ‘Cornerstone’ of Crypto: Galaxy’s Novogratz"},"content":{"rendered":"

Galaxy Digital CEO Michael Novogratz called memecoins<\/a> \u201cthe most powerful narratives,\u201d re-supporting them as the \u201ccornerstone\u201d of the cryptocurrency industry. However, not everyone in the crypto industry agrees on this, and many still dismiss memecoins as just \u201csilly casino chips.\u201d<\/p>\n

Novogratz reiterated his support for memecoins<\/a> in a post he shared on the X platform. In a video from Business Untitled on June 13, he noted that people are making fortunes investing in memecoin and there are two ways to do it.<\/p>\n

According to Novogratz, the first way to make a fortune by investing in memecoin is to choose the right memecoin. “One is to have that quirky sense of humor and say ‘people will laugh at this, people will love this,'” Novogratz said, adding that even his son-in-law is in this space.<\/p>\n

\u201cMy son-in-law is a great meme investor, I didn’t think there was such a thing until I got to know the guy, he keeps making money, he never sells, he loves Doge, he loves Dogwifhat,\u201d she explained.<\/p>\n

“You know Dogwifhat, when you first saw it you just laughed, now it’s worth $3 billion,” he added.<\/p>\n

According to Novogratz, the second way to profit from memecoins is to create one.<\/p>\n

This follows a report from Galaxy Digital released on June 3. The report challenged recent criticism that memecoins are just a temporary trend and stated that their main purpose is wealth creation. “Some say this is a flaw that suggests memecoins are temporary or will expire as people make and lose money. However, there are always memes and the desire to make a quick buck,” it noted.<\/p>\n

However, others in the crypto industry were not equally supportive of memecoins. “I have to disagree. Memecoins are just stupid casino chips. The cornerstone of the crypto economy hasn’t emerged yet,” Permission.io CEO Charlie Silver said in response to Novogratz. \u201cMeme coins are inefficient market activities,\u201d added pseudonymous crypto commentator McGavin.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Galaxy Digital CEO Michael Novogratz called memecoins \u201cthe most powerful narratives,\u201d re-supporting them as the \u201ccornerstone\u201d of the cryptocurrency industry. However, not everyone in the crypto industry agrees on this, and many still dismiss memecoins as just \u201csilly casino chips.\u201d Novogratz reiterated his support for memecoins in a post he shared on the X platform.<\/p>\n","protected":false},"author":6,"featured_media":16750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[3288,493,1332],"class_list":["post-22751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-galaxy","tag-galaxy-digital","tag-memecoin"],"yoast_head":"\nMemecoins are the 'Cornerstone' of Crypto: Galaxy's Novogratz - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/memecoins-are-the-cornerstone-of-crypto-galaxys-novogratz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Memecoins are the 'Cornerstone' of Crypto: Galaxy's Novogratz - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Galaxy Digital CEO Michael Novogratz called memecoins \u201cthe most powerful narratives,\u201d re-supporting them as the \u201ccornerstone\u201d of the cryptocurrency industry. 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