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ThecoinrepublicNewsMemecoins Could Be The Cornerstone of Crypto...
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Memecoins Could Be The Cornerstone of Crypto Space; Here Is Why

On June 13, Michael Novogratz, the CEO of Galaxy Digital came in support of memecoins, and declared them as the ‘cornerstone’ of the crypto industry. The rising popularity of meme tokens and expansion, made them the “most powerful narratives out there.”

Why Mike Novogratz is Bullish on Memecoins

Joke-turned-asset, memecoins have expanded their roots in the world of finance and cryptocurrency. Picking the right meme token is all an individual needs to make investments, Novogratz’s X post states.

“Created to make people laugh, meme tokens are strengthening their presence as meme stocks, meme crypto, and investment”, Novogratz said.

The CEO of Galaxy Digital also cleared that his son-in-law is also a meme investor and actively involved in the space. While emphasizing on Dogwifhat meme token, Novogratz unveiled that the particular token holds over $3 Billion in market cap. Moreover, the entire meme tokens on permissionless blockchain hold $60 Billion in market cap. 

According to him, another smart way to make profits out of meme tokens is to ‘create one’ and also appreciated Galaxy Research and Zack Pokorny for their detailed research on memecoins.

The Galaxy Research report documented that the viral nature and relatability made meme tokens a giant player in the crypto market. There is a wide range of meme tokens like Byte (BYTE), Wownero (WOW), and GameStop (GME) which showcased outstanding performance last week.

Some Trending Memecoins of the Week 

According to CoinmarketCap data, BYTE, GME, and WOW are the top three trending meme tokens by market cap.

At the press time, BYTE was trading at $0.00002767, after a 39.61% surge in 24 hours and a 158.02% spike in 7 days.  The coin has a market cap of $0.00002767 and $2,510,664 in 24-hour volume.     

memecoins

Trending Memecoins I Source: CoinMarketCap

WOW coin secured the second position with a market cap of $7.6 Million and $65,204 in 24-hour volume. At the time of writing, WOW was trading at $0.1154, after a seven-day gain of 69.95%.   

Furthermore, the third position was secured by GME which holds a market cap of $116 Million and $113,220,943 in 24-hour volume. Trading at $0.01684, the GME token surged 35.19% in a week.  

Memecoins are Gaining Market Share…

In 2013, the first-ever memecoin, Dogecoin (DOGE), was introduced to the world and showcased an outstanding performance by hitting $0.5811 on May 7, 2021, as per CoinMarketCap.

At press time, DOGE was hovering in a bullish phase with a price of $0.1438 and $20,808,029,394 in market cap. The memecoin market has $7.1 Billion in trading volume and $55 Billion in market cap.  

Shiba Inu (SHIB), Pepe (PEPE) are some of the other memecoins that have gone from being just memes to heavily traded assets on major cryptocurrency exchanges. Investors and traders are watching the growth of these “fun” assets closely as these are steadily gaining market share.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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