"Meme Coins Are an Important Gateway to Cryptocurrencies," Says Galaxy Digital

On the first of the month, Galaxy Digital, a major player in the US cryptocurrency finance sector, released a report titled 'The Current State of Meme Coins,' asserting that meme coins are not merely a temporary craze but play a significant role in the evolution of the cryptocurrency market. The report begins by stating that meme coins lack practical utility and serve solely as cultural tokens, embodying ideas, camaraderie, and a collective identity. They literally do nothing else. Trading in meme coins is driven more by anticipating the hype cycles, such as buying tokens before they trend on TikTok, rather than by fundamentals.