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Highlights
- Mike Novogratz is optimistic memecoins are not going anywhere anymore
- The speculative assets have now grown to have dedicated communities
- The tokens are currently contributing to crypto market stability
Galaxy Digital executive Mike Novogratz is convinced that Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and other memecoins will be around for a long time.
Memecoins as Cornerstone of Crypto Economy
Novogratz acknowledged memecoin’s position in the broader cryptocurrency sector, describing it as a cornerstone in the economy. He delved into how memecoins feature as one of the most powerful narratives in the markets amidst other financial assets.
According to Galaxy Digital, this category of digital assets on permissionless blockchains have an aggregate market capitalization of more than $60 billion.
Zack Pokorny, a research analyst at Galaxy Digital described memecoins as tokenized depictions of internet memes or other humorous events or concept.
“The growth of memecoins builds on the monetary connection shared by holders of non-fungible token projects and suggests that communities, cultures, groups, and trends may increasingly rely on monetary instruments for cohesion and speculation,” He said in a research note.
Galaxy Digital’s perspective of memecoins, particularly its growth, is largely reflected in the current market outlook of the digital assets. Quite a number of memecoins with DOGE and SHIB inclusive, have demonstrated resilience in the present market trading cycle.
DOGE, SHIB And PEPE Records Whale Accumulation
A week ago, prominent crypto market analyst Ali Martinez shed light on the massive accumulation of Dogecoin by large investors, also known as “whales” in the crypto market.
Within the space of five days, DOGE whales accumulated a whopping 200 million DOGE. More often, such activities trigger positive performance of the underlying asset. With this positive sentiment in view, several investors begins to keep a close track of the memecoin’s performance.
During press time, DOGE was trading at $0.1455 with a 5.49% increase within the last 24 hours. Expectations are that this whale activities will drive DOGE price to $0.2. A similar activity was discovered on SHIB as a whale accumulated a massive 600 billion coins from renowned crypto trading platform Robinhood. The dog-themed memecoin price is equally showing bullish trends with a 1.93% surge. Precisely, Shiba Inu is trading a $0.00002214.
PEPE was one of the memecoins that sent the entire crypto ecosystem into a frenzy with growth as high as 6,000% in a year. Recently, a significant whale acquisition of 256 billion Pepe suggests a potential rally for the token’s price. The token now trades at $0.0000129 with a 1.39% increase in the last 24 hours. Generally, these category of crypto have kept the market afloat with their erratic but bullish growths.
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