Meme coins, often inspired by internet humor or cultural trends, are frequently disregarded by experts for their perceived lack of practical use. However, Galaxy Digital CEO Mike Novogratz argues that these tokens offer compelling narratives that go beyond mere amusement to attract investor interest.

Novogratz highlighted that meme coins now play a significant role in the crypto market, boasting a collective market capitalization exceeding $60 billion on permissionless blockchains. He suggested two strategies for profiting from these coins: selecting memes that resonate humorously and creating memes oneself.

Novogratz emphasized the profitability potential for meme creators, citing examples like Dogwifhat and Doge, where even initially skeptical investors saw substantial financial gains. Despite some industry criticism, particularly from figures like Charlie Silver of Permission.io, who dismisses meme coins as frivolous, Novogratz remains bullish on their impact.

The controversy around celebrity-endorsed meme coins, such as Vitalik Buterin's critique of projects like Mother Iggy (MOTHER), underscores ongoing debates within the crypto community. Nonetheless, coins like Daddy Tate (DADDY) continue to demonstrate strong market performance, despite concerns about insider trading risks associated with such investments.