Michael Novogratz thinks that meme coins are the driving force of the crypto market. Galaxy Digital CEO has hailed memecoins as the “most powerful narratives out there.” In his X post, Novogratz called memecoins a “cornerstone” of the cryptocurrency industry. He also outlined two ways to make profit in meme coin investing. According to Novogratz, the first way is being able to pick the right meme coin to invest in. And the definitive feature of the meme coin is humor, he thinks. "If people are going to laugh at that, people are going to love that,’” he said. He even mentioned some examples of the laughable meme coins, that really work. “You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,” he added. But that was just the first way to make a fortune from meme coins. There is a second one. It is more difficult, yet significantly more fun. Novogratz offers us, mere mortals, to keep creating more meme coins. His statement follow a recent report from Galaxy Digital. The report was challenging the ongoing criticism that memecoins are just a passing trend. Their initial goal was wealth creation, the report stated. Michael Novogratz is a prominent figure in the finance and cryptocurrency sectors. He was among the early adopters of crypto. He founded Galaxy Digital, a leading crypto investment firm. Novogratz himself, is considered to be one of the influencers, whose opinion can sometimes literally shift the market. Novogratz is also known for his philanthropy, supporting various social causes through the Novogratz Foundation.

Bitcoin will stay in $55K to $75K zone for now, says Mike Novogratz, the founder and CEO of Galaxy Digital. He thinks crypto is in a “consolidation phase” and predicts that prices will bounce higher at the end of the current quarter. “Bitcoin, Ethereum, and everything else, Solana will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances, the next set of market events brings us higher,” Novogratz said during Galaxy Digital’s Q1 earnings call, Cointelegraph reports. Novogratz also mentioned he wasn’t too worried by the dwindling inflows for spot Bitcoin ETFs nor did he seem concerned by Bitcoin’s recent downward slide. According to Novogratz, there is a broader trend of adoption among traditional financial institutions. “We continue to see adoption growing [...] big players are just now starting to put it through their system,” he said. Novogratz’s take is pretty straightforward. Asset prices could begin to pick up when the United States Federal Reserve eventually begins cutting rates “because the economy finally slows” or alternatively we see a favorable outcome from the upcoming U.S. presidential election. As Yellow.com stated before, Novogratz is one of those high-profile Bitcoin optimists. As of now, Novogratz claims Bitcoin will reach $500,000 by the end of 2024.