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Galaxy Digital's Mike Novogratz asserts that SHIB, DOGE, and PEPE memecoins will maintain relevance, emphasizing their role in cryptocurrency.
Economic Significance of Memecoins
Mike Novogratz, an executive of Galaxy Digital, is confident that cryptocurrency memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and others will continue to exist for a considerable time.
The position of memecoin within the more prominent cryptocurrency industry was acknowledged by Novogratz, who referred to it as a fundamental component of the American economy.
In the context of other financial assets, he analyzed how memecoins are regarded as one of the most influential narratives in the market.
Memecoin Market Valuation
According to Galaxy Digital, the total market valuation of this category of digital assets stored on permissionless blockchains is greater than sixty billion dollars.
According to Zack Pokorny, a research analyst at Galaxy Digital, "Memecoins" are tokenized representations of online memes or other humorous events or concepts.
In a research note, he observed: "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."
Currently, the market prognosis for memecoins reflects Galaxy Digital's view of digital assets, especially their growth. Several memecoins, such as DOGE and SHIB, have shown remarkable durability over the current market trading cycle.
Investor Interest and Whale Activity
As reported by Coingape, leading crypto market researcher Ali Martinez recently revealed that "whales" have significantly accumulated Dogecoin in the crypto market.
DOGE whales accumulated 200 million DOGE in five days. Such efforts usually boost asset performance. Given this optimism, many investors have begun tracking the success of the memecoin. DOGE was trading at $0.1455 at press time, up 5.49% in 24 hours. Whale activity is expected to push DOGE to $0.2.
Identical behavior was uncovered on SHIB when a whale amassed 600 billion coins via the well-known cryptocurrency exchange and trading platform Robinhood. At 1.93%, the dog-themed memecoin price is also rising. Shiba Inu trades at $0.00002214.
PEPE, one of the memecoins that sparked the crypto economy, grew 6,000% in a year. The token's price may rise after a 256 billion Pepe whale acquisition. The token rose 1.39% to $0.0000129 in 24 hours.
These types of cryptocurrency have, for the most part, kept the market afloat thanks to their volatile but positive price increases.
