A new post about memecoins came from Galaxy Digital CEO Michael Novogratz, known for his plan support for Bitcoin (BTC) and cryptocurrencies.
Reiterating his support for memecoins from account X, Mike Novogratz described memecoins as the “cornerstone” of the cryptocurrency industry.
“Love it or hate it, memecoins have become the cornerstone of the crypto economy.
Some developers in the blockchain ecosystem believe that memecoins overshadow their serious work and damage the crypto's overall brand and image.
However, due to their viral nature and relatability, memecoins have proliferated and achieved significant value in the broader crypto market.
We estimate that the total market cap of memecoins today is more than $60 billion. “
Solana (SOL) Based Memecoins!
Stating that memecoins are one of the most powerful assets in today's market, the famous CEO argued that Solana will be the primary blockchain for memecoins in 2024.
Novogratz noted that Solana's low-fee environment and transaction confirmation speed lower barriers and create a unique environment for users looking to create and trade memecoins.
“Solana is clearly ahead in the number of memecoins. The top Solana memecoins by market cap averaged between $91 million and $109 million in on-chain transaction volume over the last 30 days.
Bonk and WIF, the two largest Solana memecoins by market cap, averaged 59% of volume during this period.”
Finally, while Novogratz praised SOL-based memecoins, he stated that there are also more established memecoins in the market such as Dogecoin (DOGE) and Shiba Inu (SHIB).
*This is not investment advice.