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Galaxy Digital CEO Michael Novogratz has once again expressed his support for memecoins, describing them as a fundamental element of the cryptocurrency industry in a post on X.

In a video shared on June 13 with Business Untitled, Novogratz discussed the potential for creating wealth through memecoin investments, highlighting the importance of choosing the right memecoin to invest in. He emphasized the significance of humor in identifying memecoins that resonate with people.

Furthermore, Novogratz suggested that another avenue for profiting from memecoins is to create one. This perspective was put forth in response to criticism that memecoins are merely a passing trend, with Galaxy Digital's report on June 3 arguing that memecoins can offer opportunities for wealth generation.

The report contested the notion that memecoins are transitory, underscoring the enduring appeal of memes and the longstanding human inclination towards seeking rapid financial gains.