Meme Coins Like Shiba Inu, Dogecoin ‘Cornerstone’ of Crypto Economy

On Jun 13, 2024

Meme coins entered the cryptocurrency market as a joke. However, these assets have been switching up the narrative by showcasing their ability. Some have even managed to turn the fortunes of many individuals. Despite Dogecoin [DOGE] being the OG meme cryptocurrency, Shiba Inu [SHIB] has grown more in popularity and is a favorite among investors. These assets also come with immense volatility instilling a level of fear. Meanwhile, Mike Novogratz, the founder and CEO of Galaxy Digital has a different take on meme coins.

Novogratz seemed to be inclined towards meme coins as he highlighted their importance. This further reflects the market’s shift in its sentiment towards these assets. He also shed light on how many people are making money with meme coins. The Galaxy Digital CEO went on to reveal that his son-in-law was one among them. He added,

“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat.”

Currently, Dogecoin has a market capitalization of $20 billion. Shiba Inu stands right behind with $12.77 billion. Novogratz however, cited Solana’s dogwifhat [WIF] growth and suggested that the meme coin market is close to $60 billion. Factors like this make meme coins the “cornerstone of the crypto economy.”

Memecoins – whether you’re a fan or not – have become a cornerstone of the crypto economy… In today’s market, they’re one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi
— Mike Novogratz (@novogratz) June 12, 2024

Also Read: Shiba Inu: How Much Profit Can Buying the Dip Get You?

Which Country is Embracing Meme Coins?

According to a CoinGecko report, the U.S. was leading the meme coin craze back in 2023. The study notes that the nation accounts for 23.6% of interest in these assets. Shiba Inu emerged as one of the most popular memes in the U.S. in 2023. The asset generated 60.7% interest from the country.

Shiba Inu, Dogecoin, and Pepe Coin on a meme coin popularity chart — Source

The humorous quotient that these assets bring is certainly a game changer as it attracts Millennials and Generation Z. These two groups further make up a huge chunk of the cryptocurrency market.

Also Read: Shiba Inu: Top Analyst Issues Last Buy Call Before SHIB Surges 501%