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Galaxy Digital CEO Michael Novogratz called memecoins “the most powerful narratives,” re-supporting them as the “cornerstone” of the cryptocurrency industry. However, not everyone in the crypto industry agrees on this, and many still dismiss memecoins as just “silly casino chips.”
Novogratz reiterated his support for memecoins 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.
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.
“My 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,” she explained.
“You know Dogwifhat, when you first saw it you just laughed, now it’s worth $3 billion,” he added.
According to Novogratz, the second way to profit from memecoins is to create one.
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.
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. “Meme coins are inefficient market activities,” added pseudonymous crypto commentator McGavin.
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