In 2013, few individuals anticipated that Dogecoin (DOGE) would serve as an inspiration for a new asset class now referred to as meme currency.
Mike Novogratz is of the opinion that these assets are now a permanent fixture in the economy, ranging from Dogecoin to Shiba Inu (SHIB), Floki, PEPE, and the thousands of related tokens that are available.
The recent perspective of Mike Novogratz on meme currencies is indicative of the paradigm shift that the asset class has had on the crypto ecosystem. The CEO and proprietor of Galaxy Digital observed that these meme currencies have evolved into the foundation of the crypto economy.
He observed that several people, including his son-in-law, are accumulating an immense amount of wealth through meme coin investments. He stated that meme coin investing involves evaluating an object to determine whether it is likely to cause laughter.
Novogratz emphasized dogwifhat (WIF), a meme coin based in Solana that has since experienced a market capitalization increase of over $3 billion. According to Galaxy Digital’s assessment, the meme coin market is nearly $60 billion, with Dogecoin, Shiba Inu, and PEPE serving as the dominant players. The billionaire investor made this observation.
It is not an exaggeration to assert that meme currencies are the foundation of the crypto economy. The majority of meme coins are currently transitioning from becoming labeled amusement tokens to currencies with distinctive utilities, which is a critical transition.
A prime example is the Shiba Inu. In the past few years, it has added numerous features that have rendered it eligible for use as a payment method. It also has its own Domain Name Service and a layer-2 scalability solution called Shibarium.
In addition to Shiba Inu, Floki is also undergoing rapid development, with the TokenFi launch late last year poised to assist it in capturing a substantial portion of the tokenization market. In general, meme coins have become so widespread that it is no longer feasible to anticipate a cross-ecosystem collapse.
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