Renowned billionaire Mike Novogratz has once again voiced his support for memecoins, describing them as a crucial aspect of the cryptocurrency industry. In a recent post, the Galaxy Digital CEO highlighted the significance of memecoins, referring to them as the “cornerstone” of the crypto economy.
Despite some criticisms from developers within the blockchain ecosystem who feel that memecoins overshadow serious projects and harm the overall reputation of the crypto market, Novogratz emphasized the viral nature and relatability of memecoins, leading to their widespread adoption and substantial value.
Estimates suggest that the collective market capitalization of memecoins now exceeds $60 billion. Novogratz also predicted that Solana (SOL) would emerge as the primary blockchain for memecoins in 2024, citing its low-fee environment and rapid transaction confirmations as key advantages for users interested in creating and trading memecoins.
Highlighting the dominance of Solana in the memecoin space, Novogratz pointed out that the top Solana-based memecoins have seen significant on-chain transaction volumes in recent months. While praising SOL-based memecoins, he also acknowledged the presence of more established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) in the market.
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