Mike Novogratz believes these tokens are among the most powerful crypto narratives.
Meme coins, often inspired by internet jokes or cultural phenomena, have been dismissed by many industry experts for their perceived lack of utility. However, Galaxy Digital CEO Mike Novogratz believes that these meme tokens have a strong narrative that captures investor attention beyond just humor.
Hate to disagree. Memecoins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge. It is the tokenization of real assets, not made up assets for gambling. Loans, derivatives, money market funds, real estate, art, real assets, that need liquidity…
— CharlieSilver.eth (@CharlieHSilver) June 12, 2024
Novogratz’s statements come amid the ongoing controversy surrounding celebrity meme coins. Many crypto figures have publicly shared their opinions about the movement.
Notably, Ethereum co-founder Vitalik Buterin criticized recent celebrity meme coins, like Iggy Azalea’s Mother Iggy (MOTHER). He argued that projects should prioritize societal value and user engagement over celebrity and early investor enrichment.
Despite skepticism from some industry leaders, meme coins like Daddy Tate (DADDY) have shown remarkable performance, with a 218% surge in the last 24 hours. However, analysts have recently warned of potential insider trading risks associated with both MOTHER and DADDY.