The founder and CEO of digital asset management company Galaxy Digital, Michael Novogratz, reiterated his support for meme coins and stated 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 “stupid gambling chips”.
Novogratz stated on the X platform that in a recent episode of “Business Untitled”, he discussed 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, saying, “You have to have that quirky sense of humor to look at something and say ‘people will laugh at this, people will like this’.”
Novogratz also mentioned that even his son-in-law is involved in this field, explaining, “You know Dogwifhat, the first time you see it, it just makes you laugh, but now it’s worth $3 billion (market value).”
Novogratz went on to mention the second way to profit from meme coins is to create and launch meme coins.
In a report released earlier this month, Galaxy Digital challenged the criticism that meme coins are just a passing fad, considering these coins were initially intended for wealth creation. Galaxy pointed out in the report:
However, some in the cryptocurrency industry do not support meme coins. CEO of Permission.io, Charlie Silver, replied to Novogratz’s tweet expressing his disagreement with his viewpoint and stating that “meme coins are just stupid gambling chips, the cornerstone of the crypto economy has not yet emerged.” Anonymous cryptocurrency commentator McGavin stated that meme coins are inefficient market activities.