Galaxy Digital executive Mike Novogratz believes that memecoins like Dogecoin, Shiba Inu, and PEPE have become an integral part of the cryptocurrency landscape and are unlikely to disappear anytime soon.

Memecoins as Cornerstone of Crypto Economy

Novogratz views memecoins as a cornerstone in the broader cryptocurrency sector, emphasizing their significant market capitalization of over $60 billion. These digital assets, which are tokenized depictions of internet memes or humorous events, have become a powerful narrative in the markets alongside other financial assets.

Memecoins' Growth and Resilience

Galaxy Digital's research highlights the growth of memecoins, which is driven by the monetary connection shared by holders of non-fungible token projects. This connection suggests that communities, cultures, groups, and trends may increasingly rely on monetary instruments for cohesion and speculation. Many memecoins, including DOGE and SHIB, have demonstrated resilience in the current market trading cycle.

Whale Accumulation and Market Sentiment

Recent whale accumulation activities have triggered positive performance in memecoins. For instance, DOGE whales accumulated 200 million DOGE within five days, leading to a 5.49% increase in the asset's price. Similarly, SHIB whales acquired 600 billion coins from Robinhood, resulting in a 1.93% surge. PEPE, which experienced a 6,000% growth in a year, saw a significant whale acquisition of 256 billion coins, potentially driving its price up.

Market Outlook

The memecoin market is currently showing bullish trends, with DOGE trading at $0.1455 and SHIB at $0.00002214. PEPE is trading at $0.0000129 with a 1.39% increase in the last 24 hours. These memecoins have kept the market afloat with their erratic but bullish growths, making them an important part of the cryptocurrency landscape.