Michael Novogratz, the CEO of Galaxy Digital, recently praised meme coins and Solana (SOL). In a post on his official X account on June 12, Novogratz expressed his support for meme cryptocurrencies, calling them the “cornerstone” of the crypto industry.
“Love them or hate them, memecoins have become a fundamental part of the cryptoeconomy… In today’s market, they are one of the most influential narratives,” he wrote.
Novogratz also made a prediction, suggesting that memecoins on permissionless blockchains could reach a combined market value of over US$60 billion.
The billionaire highlighted his belief that Solana will emerge as the leading blockchain for memecoins this year. He pointed out the network’s low fees and fast transaction confirmation speed as key factors that lower barriers and create a unique environment for investors looking to develop and trade meme cryptocurrencies.
“Solana is clearly leading the way in terms of memecoins. The top Solana memecoins by market cap have seen an average on-chain transaction volume ranging from $91 million to $109 million in the last 30 days. During this period, Bonk and WIF, the two largest Solana memecoins by market cap, accounted for 59% of the volume.”
Solana ecosystem tokens: Best blockchain cryptocurrencies
A recent report from Santiment, an on-chain market analysis platform, revealed the top 10 cryptocurrencies in the Solana ecosystem based on development activity over the past month.
According to the analysis, the Jupiter cryptocurrency (JUP) has surpassed the Wormhole (W) token in terms of development activity, with a score of 92.47 over the last 30 days.
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The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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