Renowned billionaire Mike Novogratz has once again expressed his admiration for memecoins, stating that they are a vital component of the cryptocurrency industry. In a recent post, the Galaxy Digital CEO highlighted the importance of memecoins, referring to them as the “cornerstone” of the crypto market.
Despite some concerns from developers in the blockchain space who feel that memecoins overshadow serious projects and harm the industry’s reputation, Novogratz emphasized the viral appeal and relatability of memecoins, which have seen significant growth and now boast a combined market cap of over $60 billion.
Looking ahead, Novogratz predicted that Solana (SOL) will emerge as the leading blockchain for memecoins in 2024, citing its low fees and fast transaction speeds as key advantages for users looking to create and trade memecoins. He pointed out that Solana already hosts a number of successful memecoins, with top projects like Bonk and WIF averaging high transaction volumes.
While praising SOL-based memecoins, Novogratz also acknowledged the presence of more established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) in the market. It’s important to note that this information is not intended as investment advice. To explore a wide range of cryptocurrencies, consider registering with Binance exchange for a 20% commission discount. Stay updated on the latest news, analysis, and on-chain data by following our Telegram and Twitter accounts.
