Mike Novogratz says Meme coins are good for the economy

Mike Novogratz says Meme coins are good for the economy

When Dogecoin (DOGE) appeared in 2013, not many people imagined it would serve as inspiration for a whole new asset class now known as meme coins. From Dogecoin to Shiba Inu (SHIB), Floki, PEPE and the thousands of related tokens out there, Mike Novogratz believe These assets are now part of the economy and are not going anywhere.

When Dogecoin (DOGE) appeared in 2013, not many people imagined it would serve as inspiration for a whole new asset class now known as meme coins. From Dogecoin to Shiba Inu (SHIB), Floki, PEPE and the thousands of related tokens out there, Mike Novogratz believe These assets are now part of the economy and are not going anywhere.

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Increasing relevance of meme currency

Mike Novogratz’s recent view on meme coins is a reflection of the paradigm shift the asset class is having in the crypto ecosystem. The founder and CEO of Galaxy Digital noted that these meme coins have grown to become the cornerstone of the crypto economy.

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He noted that many people, including his son-in-law, are making fortunes by investing in meme coins. He said investing in meme coins involves looking at an object and validating whether or not it will make people laugh.

Novogratz highlighted dogwifhat (WIF), a Solana-based meme coin whose market capitalization has since risen to over $3 billion. The billionaire investor noted that, according to Galaxy Digital’s estimate, the meme coin market is close to $60 billion, with Dogecoin, Shiba Inu, and PEPE dominating the field.

Continuous transformation

That meme coins are the cornerstone of the crypto economy is not an exaggerated claim. Most meme coins are now taking a crucial turn from being fun labels to coins with unique utilities.

Shiba Inu is a good example. In recent years, it has added many features that now make it eligible as a payment mode, has its own domain name service, and even has its own layer 2 scaling solution, Shibarium.

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Apart from Shiba Inu, Floki is also evolving at a very fast pace, and the launch of TokenFi last year will help it take a considerable share of the tokenization market. Overall, meme currencies are now so established that a collapse between ecosystems no longer seems possible.

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