- 1 Michael Novogratz, the CEO of Galaxy Digital is bullish on memecoins, and denoted it as the ‘cornerstone’ of the crypto industry.
- 2 From gaming to the financial market, meme tokens are strengthening their roots in every sector.
- 3 Byte, Wownero, and GameStop are a few of the trending memecoins in the past 7 days.
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.
Memecoins – whether you're a fan or not – have become a cornerstone of the crypto economy… In today's market, they're one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi
— Mike Novogratz (@novogratz) June 12, 2024
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.
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.
