Galaxy Digital's Mike Novogratz claims that memecoins SHIB, DOGE and PEPE will remain relevant, emphasizing their role in cryptocurrencies.
Economic importance of Memecoins
Galaxy Digital executive Mike Novogratz is confident that cryptocurrency memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE and others will continue to be around for a considerable time.
Memecoin's position within the cryptocurrency industry was recognized more prominently 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 considered 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 exceeds sixty billion dollars.
According Zack PokornyGalaxy Digital research analyst, โMemecoinsโ are tokenized representations of online memes or other humorous events or concepts.
In a research note, he observed: "The growth of memecoins is based 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 forecast for memecoins reflects Galaxy Digital's view on digital assets, especially their growth. Several memecoins, such as DOGE and SHIB, have demonstrated notable durability during the current market trading cycle.
Investor interest and whale activity
As reported by CoingapeLeading cryptocurrency market researcher Ali Martinez recently revealed that โwhalesโ have significantly accumulated Dogecoin in the cryptocurrency market.
DOGE whales accumulated 200 million DOGE in five days. These efforts often boost asset performance. Given this optimism, many investors have begun to follow the success of memecoin. DOGE was trading at $0.1455 at the time of publication, up 5.49% in 24 hours. Whale activity is expected to push DOGE to $0.2.
Identical behavior was discovered on SHIB when a whale accumulated 600 billion coins through the well-known cryptocurrency exchange and trading platform Robinhood. At 1.93%, the price of the dog-themed memecoin is also rising. Shiba Inu is trading at $0.00002214.
PEPE, one of the memecoins that unleashed the crypto economy, grew 6,000% in one year. The price of the token may increase after the acquisition of the whale Pepe for 256 billion. The token rose 1.39% to $0.0000129 in 24 hours.
These types of cryptocurrencies have, for the most part, kept the market afloat thanks to their volatile but positive price increases.
