Memecoins Like DOGE, SHIB, and PEPE Have Come To Stay – Mike Novogratz

by

As a crypto investor with some experience under my belt, I find Mike Novogratz’s perspective on memecoins as a cornerstone of the crypto economy intriguing. Memecoins, such as DOGE, SHIB, and PEPE, have undeniably captured the attention of the market, and their growth is a powerful narrative that sets them apart from other financial assets.

As a researcher, I’ve come across the belief held by Galaxy Digital executive Mike Novogratz that memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE will persist in the cryptocurrency landscape for an extended period.

Memecoins as  Cornerstone of Crypto Economy

Novogratz recognized memecoins’ significance within the crypto marketplace, referring to them as a crucial foundation for the economy. He elaborated on their impact, explaining that memecoins represent one of the strongest stories shaping investor sentiment among various financial instruments.

Based on Galaxy Digital’s report, the cumulative value of these digital assets on decentralized blockchains exceeds $60 billion in total.

As a researcher at Galaxy Digital, I’ve come across an intriguing classification of digital tokens coined by my colleague Zack Pokorny: memecoins. Memecoins are essentially virtual representations of popular internet memes or lighthearted cultural phenomena.

As a crypto investor, I’ve noticed an intriguing development in the world of memecoins. The surge in their popularity seems to be rooted in the financial ties that bind holders of non-fungible token (NFT) projects together. This connection suggests that communities, cultures, and trends are increasingly relying on monetary instruments for unity and excitement, be it through NFTs or memecoins.

From Galaxy Digital’s point of view, the behavior and expansion of memecoins like Dogecoin and Shiba Inu significantly influence the broader cryptocurrency market scene. These memecoins have shown remarkable tenacity during the current market trend.

DOGE, SHIB And PEPE Records Whale Accumulation 

Approximately a week ago, well-known cryptocurrency analyst Ali Martinez brought attention to the significant hoarding of Dogecoin by major investors or “whales” within the crypto market.

In just five short days, DOGE whales amassed an impressive hoard of 200 million DOGE coins. Typically, such behavior bodes well for the asset’s growth. Consequently, many investors have taken an interest in monitoring DOGE’s progress due to this optimistic outlook.

At the time of writing this analysis, DOGE was priced at $0.1455, marking a 5.49% growth in the previous 24 hours. Notably, significant whale activities have been identified as potential catalysts for DOGE’s price surge, with expectations that it could reach $0.2. Similar occurrences were noted in SHIB, where a whale amassed an impressive 600 billion coins via Robinhood. The bullish trends for the dog-themed memecoin are further evidenced by its 1.93% rise, with SHIB currently trading at $0.00002214.

PEpe was among the memcoins that ignited incredible surge in the crypto market, reaching growth rates as astounding as 6,000% within a year. Lately, the acquisition of an enormous 256 billion Pepe tokens by a major whale has sparked speculation about a possible price increase for this token. Currently, it is trading at $0.0000129 with a minor gain of 1.39% over the past day. Typically, these memcoins have contributed significantly to market stability through their volatile yet uplifting trends.

Read More

2024-06-13 00:48