Galaxy Digital CEO Michael Novogratz Reaffirms Support for Memecoins as 'Cornerstone' of Crypto Industry Amid Solana Celebrity Craze

Jun 14, 2024, 12:02 PM

Michael Novogratz, CEO of Galaxy Digital, has reiterated his support for memecoins, describing them as a 'cornerstone' of the cryptocurrency industry. Novogratz's endorsement highlights the growing significance of memecoins, which have become a prominent part of the crypto market. He mentioned two ways to make money on memecoins: identifying which ones people will laugh at and creating one. Novogratz also praised their unique narratives. This trend is particularly notable on the Solana blockchain, where numerous celebrities have launched their own memecoins. The involvement of celebrities such as Andrew Tate, Iggy Azalea, and Hulk Hogan has driven significant hype and short-term trading volume, although it has also raised concerns about scams and market manipulation. Despite the risks, some traders have reported substantial gains by trading memecoins on Solana, with one trader turning $780 into $266,600 in just five days by trading the DADDY token.