Founder and CEO of digital asset management company Galaxy Digital, Michael Novogratz, reiterated his support for meme coins and posted that these tokens are the “cornerstone” of the cryptocurrency industry. However, not everyone agrees with this view, as many still consider meme coins to be nothing more than “silly gambling chips.”
Novogratz stated on the X platform: In a recent episode of “Business Untitled,” Novogratz mentioned two ways to make money from investing in meme stocks or meme coins. The first method is being able to pick the right meme coins to invest in. He said, “You have to have that quirky sense of humor to look at something and say, ‘People are going to laugh at this, people are going to like this.'”
Novogratz also mentioned that even his son-in-law is involved in this field, explaining, “You know Dogwifhat, when you first saw it, it just made you laugh, but now it’s worth $3 billion (market value).”
Novogratz then mentioned the second way to profit from meme coins is to create and launch meme coins. In a report released earlier this month by Galaxy Digital, they challenged the recent criticism that meme coins are just a passing fad, considering that these coins were originally intended for wealth creation. Galaxy pointed out in the report:
However, some individuals in the cryptocurrency industry are not as supportive of meme coins. CEO of Permission.io, Charlie Silver, replied to Novogratz’s tweet, disagreeing with his viewpoint and stating that “meme coins are just silly gambling chips, the cornerstone of the crypto economy has not yet emerged.” Anonymous cryptocurrency commentator McGavin expressed that meme coins are an inefficient market activity.
